267-Unit Apartment Property Sells for $35M

Security Properties acquired Beaumont Grand, a 267-unit, Class B multifamily property in Lakewood, WA for $35.2 million. The buyer nabbed the asset from the undisclosed seller as a value-add opportunity, and plans interior and exterior renovations. Capital will also be directed to upgrading the common areas and amenities, along with a full exterior paint job, and replacing the roof.

Beaumont Grand delivered in 1995 at 8504 82nd St. S.W., just south of Tacoma, WA. Situated on 11 acres, the property consists of 23 two and three-story residential buildings. The unit size averages 939 square feet, and is the largest among its competitive set. Beaumont Grand will be managed by Security Properties affiliate Madrona Ridge Residential.

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