Home Finance Security Properties Buys Beaumont Grand Apartment Homes in Lakewood for $35.2MM

Security Properties Buys Beaumont Grand Apartment Homes in Lakewood for $35.2MM

Security Properties, the group in charge of building nearly 600 residential units in Bellevue’s newest neighborhood, the Spring District, just added another property to their assets, this time in Pierce County. The group purchased the Beaumont Grand Apartment Homes in North Lakewood for $35.2 million or $131,835 per unit from Denver, CO-based Grand Peaks Properties. The sale was finalized on February 8th.

Public records show $53,400 was deducted in personal property, resulting in a taxable selling price of $35,146,600. Leasing office equipment, furniture, pool equipment, clubhouse items and gym equipment were included in the deductions.

The apartment homes, located at 8504 82nd St SW in North Lakewood, offer spacious floor plans for one-two and three-bedroom units in a gated community. According to the Beaumont Grand Apartment Homes Web site, prices for the units range from $1,206 to $4,409 per month. Units includes a full kitchen, washer and dryer, a fireplace and large closets. The complex also offers a fitness center, playground, pool, recreation room and a media room with a big screen tv for residents. Apartment Finder lists the complex as being three stories and having 267 units.

To the west of the apartments is the Fort Steilacoom Golf Course and to the east is the South Puget Sound Wildlife Area. The Thunderbird Shopping Center is just south of the complex and includes grocery stores, restaurants, bars and a pharmacy.

Security Properties currently has 17 properties across the state, totaling 3,249 units.

A Kidder Mathews 2016 third quarter report on multifamily housing in the five-county region estimates there were about 278,284 market rate units in complexes with 20 or more units. King County had the largest portion of those units at 63.3 percent of the inventory and the report estimates that King County’s inventory will only increase due to 87.1 percent of the planned development over the next four years is in King County. Pierce County will only account for a fraction of those proposed units —about 6.5 percent.