Home Finance Security Properties Spends $91.75MM to Acquire the 248-Unit Legacy at Pratt Park...

Security Properties Spends $91.75MM to Acquire the 248-Unit Legacy at Pratt Park Apartments in Seattle

Seattle, Barings Real Estate Advisers, Security Properties, Taluswood Apartments, Mountlake Terrace, Central Business District
Image courtesy of Security Properties.

By Jack Stubbs

Just a few weeks after its late May acquisition of the 512-Unit Taluswood Apartments in Mountlake Terrace for $136.25 million, Seattle-based multifamily developer Security Properties recently made moves to expand its Puget Sound region portfolio—this time acquiring the Legacy at Pratt Park Apartments in Seattle for $91.75 million, or about $269,959 per unit, King County records show. The seller of the property was Connecticut-based Barings Real Estate Advisers. The transaction was recorded on June 11th. 

The 6-story Pratt Park Apartments, located at 1800 S Jackson St. just south of Seattle’s historic Yesler Terrace neighborhood, was built in 2009 and contains 248 units, according to the property listing on apartments.com. Pratt Park offers a mix of studio, one- and two-bedroom units that range from 522 to 1,183 square feet and rent for between $1,725 and $2,733 per unit, according to the new property owner’s web site. The apartment complex offers residents access to various amenities including a 24-hour, state-of-the-art fitness center, rooftop deck, community clubroom and controlled-access entry.

The property’s location in the Central District—just two miles east of the Central Business District and downtown core, and offering easy access to Interstate-5 and Interstate-90—is one of its main draws. 

“Pratt Park Apartments is conveniently located in the heart of Seattle’s Central District, a neighborhood dotted with boutique shops, quaint coffee spots, and local parks,” Security Properties’ web site states. “Situated just off Downtown Seattle, we are minutes to an array of shopping, dining, and entertainment options.”

Founded in 1969, Security Properties specializes in the development and management of assets through a variety of public, private and non-profit partnerships, according to the company’s web site. Since its formation, Security Properties and its partners have invested over $1.6 billion worth of equity in multifamily real estate, representing a portfolio value of nearly $4.01 billion. 

The developer’s recent acquisition of the Pratt Park Apartments in Seattle adds to its portfolio of more than thirty properties throughout the Puget Sound region, and marks the most recent statement of intent made by the company. 

On May 16th,  the company spent $136.25 million, or approximately $266,113 per unit, to acquire the Taluswood Apartments in Mountlake Terrace from Chicago-based real estate investor Waterton Associates. In late March 2019, Security Properties acquired the 160-unit Hana Apartments in Seattle from R.C. Hedreen Company for $41.646 million, or about $260,000 per unit.

For Barings—one of the world’s largest diversified real estate-focused investment firms—the sale of Pratt Park Apartments comes just a couple of weeks after the company sold another of its Puget Sound region assets. In mid-May, Barings sold the 280-Unit Stonemeadow Farms Apartments in Bothell for $81.8 million, or approximately $292,142 per unit, to LIPT 27th Ave. SE LLC.