By Jack Stubbs
Security Properties, a national real estate investment, development, and operating company based in Seattle, last week added another residential property to its Washington portfolio.
On Friday October 27th, the company bought the Trax at DuPont Station Apartments for $32.25 million, or roughly $181,180 per unit, according to public records filed with Pierce County. The seller was Spokane, Washington-based Garco Construction, a general contractor company that designs and builds a variety of property types nationwide.
Completed in 2013, the 178-unit residential property is comprised of studio, one-bedroom and two-bedroom units. The studios range in size from 425 to 849 square feet, and the one-bedroom units range from 694 to 909 square feet, with the largest unit type ranging from 830 to 1,152 square feet. The units are designed in contemporary style, according to the property’s web site, with prominent unit features including spacious floor plan designs, rustic oak wood flooring, custom cabinetry, energy-efficient appliances and walk-in closets. Some of the other in-unit amenities include a balcony, fireplace and washer and dryer. The property also allows residents access to various community amenities as well, such as a business center, controlled access, garage parking and a swimming pool.
The apartment complex, located at 930 Ross Loop, is roughly one mile from the center of Dupont. The property is less than half a mile from access to Interstate-5 and lies 18 miles to the south of Tacoma. The property’s web site also highlight’s its close proximity to prominent employers such as Intel, JBLM and State Farm Insurance.
The seller, Garco Construction, operates across various industries including design-build construction, education, military, commercial, industrial, civil, sustainable and residential, according to the company’s web site. Some of the company’s projects in the Puget Sound region include St. Margaret’s Shelter, an 18-unit 20,000 square foot housing facility for women and children in Spokane; St. Anne’s Children & Family Center, a 20,270 square foot masonry facility in Spokane; and Operational Readiness Training Complex Barracks, a 4-story 61,116 square foot military barracks located in Joint Base Lewis-McChord.
Security Properties operates nationwide, with West coast target markets including California, Oregon and Washington. Nationally, the company has acquired or developed nearly 80,000 residential units at a cost of $5.3 billion across 530 assets, having sold over 63,300 residential units exceeding $3.4 billion in cost across 432 assets, according to the company’s web site.
The company owns properties throughout the Puget Sound in various areas including Seattle, Spokane Valley, Tacoma and Bellevue, among others. Some of the company’s Washington assets include Angeline, a 193-unit complex in Seattle; Aspen Village a 162-unit asset in Spokane Valley; Beaumont Grand, a 267-unit property in Lakewood; and Bordeaux, a 124-unit property in Bothell.
The company has been active in the Puget Sound Region in recent months. On May 31 2017, Security Properties and Intercontinental Real Estate Corporation purchased Echo Lake Apartments, a 289-unit apartment property with 8,999 square feet of retail located in Shoreline, WA, for $85.5 million. On June 23 2017, Security Properties and Cigna Investment Management purchased Soma Apartments, a 74-unit multifamily property located in Bellevue, for $28 million.