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Security Properties Claims Tumwater Townhomes for $28M
Security Properties purchased Villas at Kennedy Creek, a Class A townhome-style multifamily property located in Tumwater, WA for $28,150,000. The asset was originally constructed in 2008, and consists of 118 units spread out across 16 residential buildings and roughly 12 acres in a highly desirable suburb of Olympia.
Security Properties’ Alex Gauper says, “the acquisition of Villas at Kennedy Creek represented a unique opportunity for our firm to buy the top asset in a submarket with excellent fundamentals.”
Unique to a property of this size, the community also offers a top amenity package complete with a 5,000-square-foot resident clubhouse. The business plan is a longer-term yield investment with light upgrade characteristics. Security Properties plans to renovate unit interiors, along with making strategic improvements to the community’s amenity package.
The acquisition brings Security Properties’ portfolio to 120 assets totaling roughly 24,000 units, encompassing more than 5,000 units in the Puget Sound marketplace.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition

