Home Finance Security Properties Buys Seattle’s Newly-Completed Hana Apartments for $41.7MM

Security Properties Buys Seattle’s Newly-Completed Hana Apartments for $41.7MM

Seattle, Hana Apartments, Security Properties, R.C. Hedreen, Spring District, Bellevue, Sparc Apartments, Sieg Fischer, Skyview Observatory, Seattle Pinball Museum, CenturyLink Field, Sanctuary Apartment Community
Image Credit: Hana Apartments

By Meghan Hall

Two of Seattle’s major property investment and development firms have struck a deal for the recently completed Hana Apartments, ideally located at the nexus of the City’s most popular neighborhoods, including Pioneer Square and the International District. The 160-unit, 138,012 square foot building traded for $41.646 million, or about $260,000 per unit, at the end of March, according to King County public records. The seller was R.C. Hedreen Company, who has developed several notable projects including the Grand Hyatt Hotel and the Olive 8 Condos, while Security Properties, a national high-end residential developer, purchased the property.

Colliers International Senior Vice Presidents Tim McKay and Dan Chhan, along with Vice President Sam Wayne, brokered the deal.

The property is comprised of a number of studio, one- and two-bedroom apartments, ranging in size from 355 square feet to about 929 square feet, according to the project’s website. Studios in the complex rent for about $1,400 per month, while two-bedroom units rent for about $1,800. The units feature a variety of high-end finishes, including hardwood floors, hard-surface countertops and modern appliances. A resident lounge, barbecue pits, vehicle and bicycle parking and a rooftop deck are part of the development’s amenities package.

Located at 101 6th Ave. S., the site is easily accessible via public transportation and within walking distance of shops and entertainment. The Skyview Observatory, Seattle Pinball Museum and CenturyLink Field, home of the Seattle Seahawks and Seattle Sounders, are all located nearby. The Yesler Way and 5th Ave. bus stop just across the street from the building, while the King Street Station, a major transit hub within the city of Seattle, is located a few blocks to the South of the site.

Over the past year, Security Properties has invested in several properties throughout the greater Seattle and Puget Sound regions. In December 2018, the developer bought Portland’s 182-Unit Sanctuary Apartment Community for $58.3 million, or about $295,000 per unit. The firm also spearheaded the development of the Sparc Apartments, a five-building apartment complex in Bellevue’s Spring District. The 309-unit property, the first built as part of the $2.3 billion mixed-use Spring District, traded to Sieg Fischer for $150 million, or about $485,000 per unit, in December 2018.

Since it was founded in 1969, Security Properties has invested in over $1.6 billion in multifamily real estate, which today represents a portfolio of about $4 billion. Currently, Security Properties owns 112 assets and more than 22,000 multifamily housing units around the United States. According to its website, Security Properties also maintains assets in Las Vegas, Nashville, Phoenix and Anaheim.