Home Finance Security Properties Buys Bothell Asset for $26MM

Security Properties Buys Bothell Asset for $26MM

Bothell, Security Properties, Bordeaux Apartment Homes, Mission Rock Residential
Bordeaux Apartment Homes | Photo: Security Properties

By Brittan Jenkins

Security Properties, one of the groups behind the new mixed-use urban village in Bellevue, the Spring District, just expanded its portfolio to include an asset in Bothell. Security Properties paid $26 million for the Bordeaux Apartment Homes in a deal that closed May 12th.

The apartment homes were listed as a property of Mission Rock Residential and according to Snohomish County public records, five LLCs associated with Bordeaux Apartments LLC sold off the asset. The sellers included CSD Bordeaux LLC and HZ Bordeaux Apartments, both associated with San Francisco-based Hamilton Zanze & Company and held a 12.5 percent and 33.5484 percent interest in the asset. THP Bordeaux LLC, associated with Thomas Persons, a trustee of the Persons Family Revocable Trust held a 2.8226 percent interest. BSM Bordeaux, associated with Brent Scott Miller, trustee of the Brent Scott Miller Family Trust held a 20 percent interest. Moss Bordeaux LLC, associated with Moss Properties and John T Benjamin held a 31.1290 percent interest.

Public records also show $49,600 was deducted in personal property resulting in a taxable selling price of $25,950,400.

The Bordeaux Apartment Homes were built in 1989 are located at 16520 North Road in Bothell. The two-story, 124-unit community features two- and three-bedroom units ranging from $1,480 per month to $1,834 per month. They also offer a swimming pool, clubhouse, fitness center and outdoor play set. Units come equipped with wood burning fireplaces, private balconies or patios, walk-in closets and in-unit washers and dryers.

Security Properties currently has almost 80,000 residential units across 530 assets, which total about $5.3 billion. The group has 21 properties in Washington in Seattle, Spokane Valley, Lakewood, DuPont, Kennewick, Pasco, Mukilteo, Bellevue, Fife, Richland, Tacoma, Redmond and Bothell.

This week, Security Properties will hold a ribbon cutting ceremony to celebrate the opening of its apartment building, Sparc, at The Spring District.