SEATTLE, Nov. 1, 2017 /PRNewswire/ -- On October 27, 2017, Security Properties purchased Trax, a 178-unit property built in 2012 and located in DuPont, WA for $32,250,000.
The property was originally developed in 2012 and consists of 178 residential units and 10,835 sf of ground floor retail space. The 178 units are spread between two garden-style buildings, a two-story townhome building, and two podium-style buildings, on 4.37 total acres. The property is located in the DuPont, WA proximate to the South Sound's I-5 corridor. The City of Dupont offers a great lifestyle for families as it has one of the lowest crime rates in the state, along with easy access to numerous parks and lakes. The area's biggest employer is the nearby Joint Base Lewis McChord, the largest military base on the west coast. Additional employment drivers in DuPont include Amazon's Fulfillment Center and a State Farm operations campus. Additionally, downtown Tacoma and downtown Olympia are within 20 minutes.
According to Tad Johnson, Investment Manager at Security Properties, the acquisition was made because, "the market fundamentals in DuPont are strong and this asset is best in class. DuPont offers an attractive quality of life and is proximate to major durable employment drivers – notably JBLM. We expect this acquisition will create value for our investors with new management and thoughtful capital execution."
The property will be managed by Security Properties Residential.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 48 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 83,000 residential units at a cost of over $5.7 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com
About Security Properties Residential
Security Properties Residential is the affiliated property management firm of Security Properties, created to increase the value of its real estate holdings by more closely managing its assets. Operating throughout the Western U.S., Security Properties Residential is committed to delivering exceptional service to its apartment communities and residents. Services include property, construction and compliance management services that create positive living environments for residents and build value for clients.
News media contact:
Ed McGovern, 206.622.9900
View original content with multimedia:http://www.prnewswire.com/news-releases/security-properties-acquires-trax-in-dupont-300547246.html
SOURCE Security Properties