By Meghan Hall
One of the largest owners of multifamily real estate in the country has sold off a local asset. In a deal that closed on April 19th, Security Properties sold the Terra Heights apartments for $54 million, or about $214,285 per unit. Public records indicate that the buyer of the asset was Hacienda Heights, Calif.-based Wilshire United.
Located at 2325 South 96th Street, the complex is situated just outside of downtown Tacoma. Data from Apartments.com shows that the community features a mix of studio, one-bedroom and two-bedroom units. Rents begin at $1,385 per month, and in all, there are 252 units. The complex was originally built in 1978.
Community amenities also include basketball, tennis and sports courts, a resident clubhouse and television lounge. Residents also have access to a pool and playground, as well.
“Our apartment homes are built with you in mind. From our prime, convenient location to our impressive slate of features and amenities, each detail blends into the ultimate apartment living experience,” states the community’s landing page.
Founded in 1969 and headquartered in Seattle, Security Properties’ portfolio continues to grow. According to the company’s website, the company’s portfolio totals 114 assets worth $6.2 billion. The company has also sold 63,000 units for $3.4 billion across 432 different properties. Currently, the company’s active portfolio totals 23,826 units in markets such as California, Texas, Oregon, Virginia, and Pennsylvania among others. In Washington State specifically, Security Properties owns 41 different properties, making the Pacific Northwest one of its most active markets.
Wilshire Unlimited, a family-owned company, is based in Southern California. According to the firm’s website, the acquisition of the Terra Heights complex marks the completion of $100 million worth of acquisitions in the last six months. The firm is actively seeking investment opportunities in the Western United States with a price range between $10 million and $75 million. Generally, the company is targeting assets with more than 100 units, and those that were built after 1980. Its currency portfolio includes properties in Las Vegas, Auburn, Wash., San Gabriel, Calif., and other markets.