SEATTLE, WA – Security Properties and a university endowment bought Insignia, a 162-unit, newly constructed multifamily asset located in Bremerton, WA for $29,500,000. Security Properties now owns 19 assets totaling over 4,000 units in the Puget Sound marketplace.

Insignia is a 162-unit multifamily community located 2.5 miles north of downtown Bremerton. Delivered in early 2018, the residential units offer a mix of one- and two-bedroom floorplans with an average unit size of 877 SF.

Historically recognized as home to Kitsap Naval Base, Bremerton is gaining new attraction for its reasonably priced housing, emerging downtown, and simple commute. In 2017 Kitsap County introduced the “Quick Ferry,” a passenger boat that runs from downtown Bremerton to downtown Seattle, dramatically shortening the commute across the water to just 30 minutes. In addition, downtown Bremerton is seeing a resurgence with a number of new hotels, restaurants, and redevelopments of boutique retailers and local businesses.

The asset represents a long-term yield investment with light exterior renovation characteristics. Notably, Security Properties will be adding a barbeque area, cabana with new patio furniture around the spa, package locker system, enhancing to the dog park, and an outdoor amenity space adjacent to the clubhouse.

Davis Vaughn, Senior Director at Security Properties says, “With the recent development in the downtown combined with the launch of the Quick Ferry, expanding into Bremertonwas an simple choice for SP.  With these exciting growth drivers, we look forward to delivering outstanding returns for our investors.”

The property will be managed by Security Properties-affiliate Security Properties Residential.

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CHICAGO, IL – Waterton, a national real estate investor and operator, announced it bought an institutional-quality portfolio comprised of eight multifamily properties with a total of 3,685 units located in growth markets across four states. The properties, which were bought from a partnership controlled by CBRE Global Investors, are located within the metropolitan areas of Dallas, Houston, Phoenix, Raleigh and Washington DC.

The portfolio consists of multifamily properties built between 1992 and 2012, and offer opportunities to utilize Waterton’s vertically integrated design, construction and operations disciplines to further enhance the units and increase net operating income.

“All of the assets in the portfolio are located within Waterton’s target markets – each benefiting from large and diversified economies, high-quality jobs and growing population bases,” said David Schwartz, chairman and co-founder of Waterton. “The properties offer brilliant housing value in markets where we expect to see incremental rental demand and pricing power potential.” 

The following assets were included in the portfolio: Gramercy on the Park in Dallas, TX, with 535 units; Mockingbird Flats in Dallas, TX, with 417 units; Creekside at Legacy in Plano, TX, with 380 units; Lakeshore at Preston in Plano, TX, with 302 units; Plantation at The Woodlands in Houston, TX, with 432 units; Element Deer Valley in Phoenix, AZ, with 629 units; The Tribute in Raleigh, NC, with 359 units; and The Residences at Springfield Station in Springfield, VA, with 631 units. 

“The transaction allowed us the opportunity to buy an institutional-quality portfolio with proven upside potential at an attractive basis relative to replacement cost,” said Justin Maturo, vice president of acquisitions at Waterton. “We have a lot of conviction around the portfolio and look forward to expanding upon the successful value-add program to help the properties further compete within their competitive sets.” 

The portfolio acquisition comes one month after Waterton bought North Harbor Tower, a 600-unit multifamily asset located in Chicago’s Lakeshore East neighborhood.

According to Schwartz, “The assets are a fantastic addition to Waterton’s existing portfolio. We’ve been actively pursuing opportunities in these markets for years and are excited about our most recent acquisitions.”

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IRVINE, CA – The Bascom Group has bought Island Apartments, a 78-unit apartment community located in Southeast Los Angeles. The community was constructed in 1957 and is located at 8222 Rosemead Boulevard, Pico Rivera, California. Bascom bought the property for $12,550,000, or $160,897 per unit. Mike Krantz of Brentwood Realty Partners brokered the transaction. Erich Pryor and Terra Hendrich of Talonvest arranged $9,660,000 of debt financing through California Bank & Trust.

Bascom’s Senior Principal, Chad Sanderson, states, “Island Apartments is a very well located property with access to strong job centers, schools, and numerous retailers. The area continues to gentrify driven by several ongoing retail development projects. These new retail centers continue to attract a growing number of young professionals and families relocating to the area.” 

Jim Singleton, Vice President of Acquisitions, adds, “The property and submarket has seen very small to no new construction of multifamily communities over the past several years. We see this buy as a fantastic opportunity to complete some modest improvements, yet still offer tenants an attractive and affordable place to live.”

Island Apartments is conveniently located near premier retail centers and entertainment venues. The 105, 710, 505 and 5 freeways are minutes away and provide residents convenient access to shopping, dining, and major employment centers throughout Orange County. Southeast Los Angeles is home to some of the largest employers in Southern California, including Kaiser Permanente, Los Angeles County Sheriff’s Department, Commerce Casino, Presbyterian Intercommunity Hospital, and El Rancho Unified School District. 

Lee Nguyen, Senior Vice President of Bascom, comments, “Our plotted renovations will focus on modernizing the look and feel of the unit interiors. Simple enhancements such as contemporary lighting fixtures, appliances, countertops, and interior paint schemes are characteristics that today’s renters value. We look to position Island Apartments as an attractive community for the next decade.”  

Since 1996, Bascom and its affiliates have bought 322 multifamily properties throughout the United States, totaling more than 84,000 units. Island Apartments marks Bascom’s 172nd multifamily property closed in California. Over the past twelve months, Bascom has completed over $1.2 billion in multifamily transactions throughout the United States. 

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