Home Finance Security Properties Sells 120-Unit Westview Village Apartments in Renton for $41.5MM

Security Properties Sells 120-Unit Westview Village Apartments in Renton for $41.5MM

Security Properties, Westview Village Apartments, Renton, King County, Puget Sound, Seattle, Tokyu Land US Corporation, Tokyu Land Corporation, Tokyu Fudosan Holdings Corporation, STARS REI, Blume Company Real Estate, 624 Yale Apartments, Toscana Apartments, Lacey

By Kate Snyder

An apartment complex in Renton traded hands recently, contributing to the region’s continued activity in multifamily sales transactions. The Westview Village Apartments was purchased for $41.5 million, or approximately $345,833 per unit, according to King County public records. The buyer was an entity affiliated with Tokyu Land US Corporation, and the seller was an entity affiliated with Security Properties, based in Seattle. 

Located at 17725, 17735 and 17815 105th Place SE, the 120-unit complex offers a mix of one-, two- and three-bedroom units, according to Apartments.com. Amenities include barbecue and picnic areas, hardwood floors, walk-in closets, patios, balconies and vaulted ceilings. The three-story complex was constructed in 1991. 

Tokyu Land US Corporation is a real estate investment firm that focuses on acquisition and development opportunities in targeted markets throughout the United States, according to the firm’s website. The company was formed in 2012 by Tokyu Land Corporation, a core company of one of Japan’s leading real estate groups and headed by Tokyu Fudosan Holdings Corporation. Tokyu Fudosan’s current estimated value stands at $24 billion with an additional $13.8 billion in assets under management through the firm’s REIT/fund management platform.

Security Properties was founded in 1969, and since then, the firm and its partners have invested more than $2 billion of equity in multifamily real estate, representing a portfolio value of nearly $5.9 billion, according to the company’s website. Currently, the firm’s portfolio reflects interests in 113 assets encompassing nearly 22,354 multifamily housing units – including properties under construction.

For decades, the firm has been active in the Puget Sound region.

Last year, Security Properties purchased for $104 million, or approximately $504,854 per unit, a mixed-use property in Seattle that includes 206 residential units and 3,090 square feet of retail space, according to previous reporting by The Registry. The deal was a joint venture between Security Properties and STARS REI. The seller was an entity affiliated with Blume Company Real Estate. The nine-story property, called 624 Yale Apartments and located at 624 Yale Ave. N in Seattle, was constructed in 2018.

Security Properties also last year purchased Toscana Apartments, a 393-unit multifamily property located in Lacey. The property sold for $124 million, or about $315,521 per unit. Located at 6979 Birdseye Ave NE. Toscana is a Class-A, garden-style community that was delivered in two phases between 2019 and 2021.