June 2, 2016
Security Properties and Pacific Life Insurance Co. bought Overlook at Lakemont, a 400-unit, Class B multifamily complex. The $118 million transaction was Security Properties’ first with Pacific Life.
The property at 5305 Lakemont Blvd. S.E. is in an area in which the average home price is $900,000, while average income is $130,000. The new owners will renovate the units, update the clubhouse, replace the roof, re-side the property and paint the exterior. Security Properties-affiliate Madrona Ridge Residential will manage the asset.
Jeff Williams, Chris Ross and Tim Brown of Moran & Co. brokered the deal between the buyers and seller Heitman. “This was a rare opportunity for us to buy in one of the best residential neighborhoods in the Seattle metro,” said Davis Vaughn, Security Properties’ Investment Manager.