By Meghan Hall
Seattle-based Security Properties, a major investor in multifamily real estate, has formalized a deal to bring on an equity partner for its Trax at Dupont Station Apartment Complex. The deal closed on July 1st, according to public records, and Security Properties invested $44 million in bringing the new partner on board. The new investing entity is unclear but is listed in public records as SP/RGA Trax LP.
The property is located at 980 Ross Ave. in Dupont, Wash. Security Properties originally acquired the asset in 2017 for $32.25 million, or about $181,180 per unit from Spokane-based Garco Construction.
The asset was originally built in 2013 and features a mix of studio, one- and two bedroom units. Residences range in size from 425 square feet to 1,152 square feet and feature rustic oak flooring, custom cabinetry, energy efficient appliances and walk-in closets. Many units also have balconies or patios, and washer and dryer units. Rents range from between $1,585 to $2,140 per month.
“Trax at DuPont Station is classy living at its finest. Our beautiful apartments offer open floor plans that have a touch of traditional styles mixed with sleek contemporary styles found throughout our fixtures and features,” Security Properties states on its website.
Community amenities include a pool and clubhouse, fitness center, a basketball court, gazebo with barbecue and a game room. A business center, garage parking and playground are also available to residents.
Security Properties owns a number of properties throughout the Puget Sound, including the nearby Clock Tower Village Apartments, which it purchased in 2016 for $30 million, or about $160,000 per unit. It also owns the Argyle Apartment homes in Federal Way, Wash., the Hanan Apartments and the Janus Apartments in Seattle, as well as numerous other complexes in Bellevue, East Seattle, and other suburbs.
Since 1969, the company has invested over $2 billion in multifamily real estate, and has a portfolio value of nearly $5.5 billion, according to the firm’s website. To date, Security Properties has interest in 122 assets encompassing more than 25,000 multifamily units. The company is one of the biggest owners of residential real estate in the United States.