By Jack Stubbs
San Diego-based Sunroad Enterprises on Tuesday, August 9th acquired the Clock Tower Village Apartments in DuPont, Washington, for $46.7 million, or approximately $248,404 per unit, Pierce County records show. The seller of the asset was Security Properties, a multifamily residential investment, development and management firm based in Seattle.
Neither the buyer nor the seller—who acquired the the property for $30 million, or nearly $160,000 per unit, from Clock Tower Village LLC in March 2016—responded to emailed requests for comment about the transaction in time for the publishing of this story.
The Clock Tower Village Apartments, located at 1090 Ross Ave., is a 188-unit Class A property. Originally built in two phases, 1997 and 2005, the complex is distributed across 33 buildings. The asset has a blend of 14 different floor plans, offering a mix of one-, two-, and three bedroom units and an average size of 1,045 square feet. According to the property listing on apartmentguide.com, rents for the property range from $1,210 for the one-bedroom units to $1,850 for the three-bedroom units.
Some of the community amenities available to residents include a 24-hour fitness center, spa/pool, and attached garages, according to the web site for the property. In-unit amenities include large walk-in closets, patio/balcony, gas fireplaces and vaulted ceilings in select units.
Clock Tower Village is centrally-located in the master-planned community of Northwest Landing in DuPont, proximate to Northwest Landing’s Town Center which offers various services, restaurants and eateries. The asset is also less than ten miles south of Joint Base Lewis McChord, which is the largest military base on the west coast with over 50,000 military and civilian employees. The property is also proximate to major employers like Amazon—who has a fulfillment center in DuPont—and State Farm Insurance.
Along with the Clock Tower Village Apartments, there have been a number of residential and commercial sales in DuPont—which is approximately eighteen miles south of Tacoma via Interstate-5 and roughly thirteen miles east of Olympia—over the last few months. In October 2017, Security Properties acquired the 178-unit Trax at DuPont Station Apartments located at 930 Ross Loop for $32.25 million, or roughly $181,000 per unit, from Spokane-based Garco Construction.
In January 2018, the three-building DuPont Corporate Center, a property totaling just over 1 million square feet and located at 2800-2980 Center Dr. on the former Intel campus changed hands: St. Louis-based developed CRG spent $60 million to purchase the property from New York-based Fortress Investment Group LLC. In another transaction in late September 2018, JDM Partners spent $30.5 million, or approximately $87 per square foot, to acquire an approximately 348,500 square foot office property located at 1000 Wilmington Drive in DuPont.
Founded in 1977, Sunroad Enterprises focuses on its development and operational skills to identify and develop projects, and has been involved in successful projects in California, Colorado and Mexico, according to the company’s web site. Sunroad has developed projects in office, multifamily, resort, retail, land and industrial.
Security Properties is a national real estate investment, development, and operating company whose West Coast target markets include California, Oregon and Washington. Since its founding, the company has sold over 63,300 residential units nationwide exceeding $3.4 billion in cost across 432 assets, according to its web site. Some of Security Properties’ other assets in the Puget Sound region include the 193-unit Angeline property in Seattle; the 267-unit Beaumont Grand in Lakewood; the 124-unit Bordeaux property in Bothell; and the 162-unit Insignia property in Bremerton.
Security Properties has been active in the region in recent months as well. In mid-June 2018, the company acquired the 248-unit Marq on Martin apartment complex in Lacey, WA, for $54.5 million—at the time of the acquisition, Security Property owned 18 assets comprising over 4,000 units in the Puget Sound marketplace. More recently on September 27th, Security Properties and an affiliate of Rockwood Capital purchased the 131-unit Avalon Kirkland Apartments in Kirkland for $85.5 million from Avalon Bay Communities.