June 13, 2017
Seattle-based Security Properties and Boston-based Intercontinental Real Estate Corporation acquired Echo Lake Apartments from Inland Group for a reported $85.5 million. The 289-unit apartment property with 8,999 square feet of retail was built in 2009, and is located in Shoreline, WA, a suburb of Seattle.
Security Properties’ Davis Vaughn says the acquisition was made because, “Echo Lake Apartments falls right in line with our strategy of buying in the best micro-location in a submarket.”
The property is situated along the shores of Echo Lake, and near the 12-acre Echo Lake Park featuring expansive green space, boating, fishing, picnic areas, and a lake trail that connects into the 24-mile Interurban Trail.
Security Properties now owns a total of 18 assets in the Puget Sound region. It is the fourth joint venture between Security Properties and Intercontinental, and will be managed by Security Properties-affiliate Madrona Ridge Residential.
For comments, questions or concerns, please contact Dennis Kaiser