SEATTLE, (June 13, 2019) — On June 12, 2019, Security Properties purchased Brookstone at Edgewater, a Class A townhome-style multifamily property located in Puyallup, WA for $41,500,000. Security Properties now owns 21 assets totaling over 4,700 units in the Puget Sound marketplace.
Brookstone at Edgewater was originally constructed in 2013 and consists of 147 units spread out across 37 residential buildings and 6.09 acres. The community boasts some of the largest townhome-style floorplans in the entire submarket with an average unit size of 1,466 square feet. In fact, nearly 50% of units have a footprint in excess of 1,700 square feet. Additionally, each unit includes three-stories of living space along with a two car direct access garage.
The community is located within the city of Puyallup, WA, in the South Hill/Fredrickson area. The third largest city in Pierce County, Puyallup is home to approximately 40,000 residents with a median household income of ~$65k/year. Puyallup is situated on just over 12 square miles at the base of Mount Rainier and is approximately 15 minutes from Downtown Tacoma, 25 minutes from Sea-Tac International Airport and 45 minutes from Seattle. At the property level the site fronts 176th Street East, a primary arterial. The site is within 2 miles of Highway 161, a major north-south connector and 4 miles of Highway 512, a major east-west connector. This location offers residents quick access to Puyallup and downtown Tacoma employers, retailers, and local public transportation.
The business plan is a longer-term yield investment with light upgrade characteristics. Security Properties will be converting the bonus rooms, found in all 3-bedroom units, into fourth bedrooms. Additionally, they will be upgrading the flooring throughout the main level of all units as well as moderately improving the community’s amenity package.
According to Alex Gauper, Investment Manager at Security Properties, “Brookstone at Edgewater represents our firm’s continued effort of locating high-quality assets in submarkets with strong employment infrastructure and limited future apartment supply. The unique blend of three-story townhome floorplans with direct access garages set within a low density park-like environment results in a rental offering unmatched in the area. By combining a favorable cap rate with today’s low interest rates, we look forward to generating strong cash-on-cash returns for our investors.”
The property will be managed by Security Properties-affiliate Security Properties Residential.About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 48 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 83,000 residential units at a cost of over $5.7 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.comAbout Security Properties Residential
Security Properties 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., Security Properties 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.