By Jack Stubbs
Transaction activity in the Puget Sound region’s multifamily market has slowed, considerably, over the last few weeks. But on March 19th, Seattle-based Security Properties spent $34.4 million, or around $286,666 per unit, to acquire the Westview Village Apartments in Renton, King County records show. The seller was Vancouver, BC-based Belkorp Holdings Inc.—a subsidiary of The Belkorp Group of Companies–which owns a portfolio of multifamily rental communities in Seattle, Portland, Phoenix and Austin.
The Westview Village Apartments, located at 17815 and 17725 105th Place SE, is comprised of 120 units spread across fourteen buildings, according to the property listing on apartments.com. Constructed in 1990 and sitting on just under three acres, Westview Village is located in the Benson Hill/Morning Glen area, and is roughly three miles south of downtown Renton.
The property is also proximate to access to State Route 167 and State Route 512.
Westview offers a mix of one, two- and three-bedroom units that range from 732 to 1,125 square feet and rent for between $1,426 and $1,838, according to Security Properties’ web site. In terms of on-site amenities, Westview also provides residents with access to a pool with sundeck, 24-hour fitness center and clubhouse, among others.
“Unique architecture and professionally landscaped grounds come together in this charming and welcoming…apartment community, surrounded by lush greenery,” the company’s web site states. The homes also feature vaulted ceilings, oversized closets and wraparound fireplaces.
Security Properties’ purchase of Westview Village Apartments comes just a few months after the company made another purchase in the Puget Sound region towards the end of last year. In late December 2019, the company acquired the 398-unit Issaquah Anthology Apartments for $163.25 million, or around $410,000 per unit, from Scottsdale, Ariz.-based The Wolff Company.
Security Properties Pacific Northwest portfolio includes a number of other multifamily properties throughout the region–some of these include Trax at DuPont Station Apartments; Woodstone Apartments in Bothell, and the Marq on Martin Apartments in Lacey. Closer to Renton, the company also owns the Villages at South Station Apartments in Tukwila and the 2000 Lake Washington Apartments in Renton.
Since its formation in 1969, Security Properties and its partners have invested over $1.6 billion of equity in multifamily real estate, representing a portfolio value of nearly $4.01 billion, according to the company’s web site. Today, the Security Properties portfolio reflects interests in 112 assets encompassing nearly 22,140 multifamily housing units – including properties under construction – making it one of the largest owners of residential real estate in the country.