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Security Properties Closes $400M Seattle MF Portfolio Acquisition
Security Properties has completed one of the largest multifamily acquisitions in the Seattle area so far this year, purchasing a five-property, 903-unit Seattle portfolio from Washington Holdings for $400.8 million.
The sale includes Liza Eastlake, The Hemlock, The Hayes on Stone Way, Carter on the Park, and Heron Flats & Lofts. Eastdil Secured represented the seller in the transaction.”This acquisition underscores our long-term commitment to Seattle and the Pacific Northwest,” said Dan Byrnes, Chief Executive Officer of Security Properties. “This is our second acquisition from Washington Holdings this year, and they have an outstanding reputation for delivering and preserving high-quality assets.”
The acquisition builds on the company’s busy first half of the year. In the spring, Security Properties sold the last asset purchased from the Security Properties Multifamily Fund II, an investment vehicle that launched in late 2013 and held 13 assets.
