Kent’s Limited Supply Gives Midtown 64 an Edge

A partnership between Security Properties Inc. and an affiliate of Rockwood Capital recently acquired Midtown 64 in an off-market transaction for $141.1 million. Midtown 64 is a newly constructed 365-unit class-A mid-rise multifamily asset in Kent, WA.

“Midtown 64 presented the opportunity to buy one of the top assets in the growing submarket of Kent which has had extremely limited supply delivered the past few decades,” says Davis Vaughn, senior director of acquisitions at Security Properties.

The property consists of five residential buildings and one clubhouse spread across 10 acres. Midtown 64’s location provides residents with access to regional job hubs in multiple directions as well as retail amenities within the immediate area. Within a 5-minute drive to the south is Kent Valley, the region’s largest advanced manufacturing, aerospace and distribution corridor.

Residents benefit from a plethora of transit options. Accessibility will be further enhanced when Sound Transit’s Link Light Rail extends its service south to Kent/Des Moines station, located adjacent to the I-5 and State Route 516 intersection.

“The Puget Sound continues to be one of the nation’s most dynamic economic stories, and we are excited to acquire a high-quality multifamily project in an evolving location within the market,” said Matthew Friedman, managing director at Rockwood Capital.

The property will be managed by Security Properties Residential, an affiliate of Security Properties.

Kenny Dudunakis, David Sorensen, Ben Johnson and George Pallis of Berkadia Seattle completed the sale on behalf of the seller, Washington-based Goodman Real Estate, and the buyer.