Home Finance Security Properties Buys 76-Unit Apartment Complex in Newcastle for $26.7MM

Security Properties Buys 76-Unit Apartment Complex in Newcastle for $26.7MM

King County, Newcastle, San Francisco, Security Properties, Jackson Square Properties, Tria Apartments, Bellevue, Redmond, Del Mar Village Apartments, Newport Crossing Apartments, Karbon Apartments, Seattle, Goodman Real Estate

By Catherine Sweeney 

After last trading hands in 2017, the 76-unit Tria Apartments in Newcastle has a new owner. According to King County public records, the property, located at 12833 Newcastle Way, was sold to Seattle-based investor and developer Security Properties for $26.7 million, or approximately $351,315 per unit. The seller was San Francisco-based Jackson Square Properties. 

Built in 2016, the property reaches seven stories and offers a mix of one- and two-bedroom units, according to the building’s listing on apartments.com. Units range in size from 493 square feet to 1,213 square feet and rent on average for approximately $1,900 per month. 

With a wide variety of amenities, the property also offers a fitness center, clubhouse, lounge, grilling area and more. In-unit amenities include stainless-steel appliances, hardwood flooring and private balconies and patios attached to some units. 

Centrally located in Newcastle, the property offers residents a quick drive to both downtown Bellevue, Redmond and Seattle. Tria Apartments is also located just several miles from Interstate 405 and is near a variety of retail and other multifamily assets. These include Del Mar Village Apartments, Newport Crossing Apartments and Karbon Apartments. 

Jackson Square Properties purchased the asset in 2017 for $24 million, or approximately $315,789 per unit, according to previous reporting by The Registry. Before the 2017 sale, the apartment complex was owned by Goodman Real Estate, a Seattle-based real estate investment company specializing in multifamily assets.

Security Properties, the asset’s latest owner,was founded in 1969 and has since invested more than $2 billion of equity in multifamily assets, with a portfolio valued at $5.4 billion, according to the firm’s website. Currently, the company’s portfolio is made up of 116 multifamily assets consisting of nearly 24,312 units, making it one of the largest owners of residential properties in the U.S.