June 14, 2019
Seattle-based Security Properties purchased Brookstone at Edgewater, a Class A townhome-style multifamily property in Puyallup, WA from an undisclosed seller for $41.5 million. The property was originally constructed in 2013, and consists of 147 units spread across 37 residential buildings and 6.09 acres.
Security Properties’ Alex Gauper says, “Brookstone at Edgewater represents our firm’s continued effort of locating high-quality assets in submarkets with strong employment infrastructure and limited future apartment supply. The unique blend of three-story townhome floor plans with direct access garages set within a low density park-like environment results in a rental offering unmatched in the area. By combining a favorable cap rate with today’s low interest rates, we look forward to generating strong cash-on-cash returns for our investors.”
The site in the South Hill/Fredrickson area fronts 176th Street East, one of the market’s primary arterials. Security Properties now owns 21 assets totaling more than 4,700 units in the Puget Sound marketplace.
Kirkland-based Turning Point Realty Advisors’ Matthew Balkman and David Chapman represented the sellers. The buyer was self-represented.
The Connect Apartments Conference will take place next week (June 20, 2019) in Los Angeles. For more information, or to register, click here.
For comments, questions or concerns, please contact Dennis Kaiser