SEATTLE, June 6, 2017 — On May 31, 2017, Security Properties and Intercontinental Real Estate Corporation (“Intercontinental”) purchased Echo Lake Apartments, a 289-unit apartment property with 8,999SF of retail built in 2009 and located in Shoreline, WA. Security Properties now owns a total of 18 assets in the Puget Sound region. The asset was purchased in the fourth joint venture between Security Properties and Intercontinental.
Echo Lake Apartments are located in the Seattle suburb of Shoreline, WA. The community offers convenient access to major employment, transportation, retail and recreation. Twenty minutes south of Echo Lake is Seattle’s Central Business District, the Pacific Northwest’s largest employment center accounting for over 300,000 jobs. Twenty minutes to the north sits Boeing’s Everett Factory. The factory employs over 40,000 workers and produces Boeing’s large aircraft, 747s, 767s, 777s and the new 787 Dreamliner.
The location offers a wide range of transportation options as mass transit, SR 99 and I-5 are all easily accessible. The site is located directly on the rapid ride “E Line”, neighboring the Shoreline Park & Ride and blocks from the Aurora Village Transit Center. Echo Lake is also adjacent to SR 99 and a 5-minute drive to I-5, offering direct routes north to Everett and south into the Seattle CBD. Additionally, the future Shoreline Light Rail Station site is less than 5 minutes southeast of the property.
The property is situated in a unique setting along the shores of Echo Lake. Immediately next to the resident clubhouse lies the 12-acre Echo Lake Park with expansive green space, boating, fishing, picnic areas, and a lake trail that connects into the 24-mile Interurban Trail.
Living at Echo Lake also provides residents access to Shoreline’s top performing schools. The highly desired Shoreline School District is rated 9/10 by greatschools.org and #10 on the Niche.com 2017 list of Best School Districts in Washington.
According to Davis Vaughn, Director at Security Properties, the acquisition was made because, “Echo Lake Apartments falls right in line with our strategy of buying in the best micro-location in a submarket. With direct access to Echo Lake Park, this asset has a significant competitive advantage in its setting over other apartments in the area. Once we execute our business plan, we will be able to fully capitalize on the location by offering renters a high-end product adjacent to a lake that will be unmatched in Shoreline.”
According to Jessica Levin, Senior Director, Acquisitions for Intercontinental, “Seattle is a dynamic market and we are excited about the employment drivers in the area. Upon the execution of our business plan, residents will benefit from an upgraded living experience with premier access to nearby retail, leisure and recreational amenities. This compelling combination makes Echo Lake Apartments an excellent long term investment for our investors.”
Allen Logue, Associate Director, Acquisitions for Intercontinental added, “Intercontinental is excited to expand its Seattle area portfolio with our sixth acquisition. Echo Lake Apartments benefits from a ‘first ring’ suburban location exhibiting strong market fundamentals and close proximity to major arterials and public transportation nodes.”
The property will be managed by Security Properties-affiliate Madrona Ridge Residential.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 47 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 66,500 residential units at a cost of over $3.35 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com
About Madrona Ridge Residential
Madrona Ridge Residential is the affiliated property management firm of Security Properties, created to increase the value of its real estate holdings by more closely managing its assets. Operating throughout the Western U.S., Madrona Ridge Residential is committed to delivering exceptional service to its apartment communities and residents. Services include property, construction and compliance management services that create positive living environments for residents and build value for clients.
About Intercontinental Real Estate Corporation
Intercontinental Real Estate Corporation is an SEC registered investment adviser with deep expertise in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental has managed, developed, and owned over $10 billion in real estate property. Today, Intercontinental owns and manages a portfolio in excess of $6.0 billion for its clients. Intercontinental balances its portfolio both by robust property mix and by geographic diversification, while actively seeking opportunities to invest in both core and core plus, as well as value-add development projects. Visit www.Intercontinental.net for more information.