Home Finance Security Properties Sells Sparc Apartments in Bellevue for $150MM

Security Properties Sells Sparc Apartments in Bellevue for $150MM

Bellevue, Seattle, Security Properties, AGI Publishing, Fresno, Valley Yellow Pages, Bright Horizons, Safeway, Portland, Recreational Equipment
Sparc Apartments | Photo: Allison + Partners

By Vladimir Bosanac

About 18 months following the opening ceremony of its new development in Bellevue’s Spring District, Seattle-based Security Properties sold off its prized asset for $150 million, according to public records. The sale price brings the per unit amount to just north of $485,436. The buyer of the property is an entity associated with Siegfried A. Fischer, the Chief Executive Officer of AGI Publishing of Fresno, Calif., also known as Valley Yellow Pages, which publishes and delivers directories to households and businesses in Northern and Central California.

Sparc consists of five distinct buildings offering a total of 309 studio-, one-, two-, and three-bedroom apartments as well as townhomes and live work/lofts. The new community also includes a 14,000-square-foot Bright Horizons early education center, which shares its playground with residents on the evenings and weekends.

Overlooking downtown Bellevue, the Spring District is a 16 block, 36-acre, transit-oriented, mixed-use urban neighborhood located on a former Safeway grocery distribution center. This campus, modeled after Portland’s thriving Pearl District, will be home to future retailers, restaurants, hotels and more than 2,000 residents and 13,000 employees, according to a statement issued by Security Properties at the time of the opening.

Recreational Equipment Inc. (REI) will relocate its global headquarters to the neighborhood in 2020. Later this year the Global Innovation Exchange (GIX) – a partnership between the University of Washington, China’s Tsinghua University and Microsoft – will welcome its first students for a graduate degree program that combines project-based learning in design thinking, technology development and entrepreneurship.

The apartment community was designed by GGLO and developed by Security Properties and equity partner USAA Real Estate. The general contractor on the project was Walsh Construction, while Cary Kopczynski & Co. worked on the project as the structural engineer.

Security Properties has been one the region’s most prolific developers and owners of multifamily real estate. It has been actively buying and selling assets spending $85.5 million with partner Rockwood Capital in October on the 131-unit Avalon Kirkland and the 29-unit Aqua View apartments in Kirkland. In June, the company purchased Marq on Martin, a Class A multifamily property located in Lacey, WA for $54,500,000 with a university endowment partner. These sales were just a few of the several others the company has made in the state of Oregon, Arizona and Utah.