SEATTLE, WA – Security Properties bought Eagle Pointe, a 141-unit affordable multifamily property in Spokane Valley, WA for $12,850,000. Eagle Pointe is a garden-style community comprised of family units that are income restricted. The property was originally developed in 1997 utilizing Low-Income Housing Tax Credits (LIHTCs) from the Washington State Housing Finance Commission (WSHFC). A Regulatory Agreement tied to that original source of financing deed restricts the property as affordable housing through 2028.

Security Properties is excited about the addition of Eagle Pointe to its growing Pacific Northwest portfolio that currently consists of nearly 7,500 units. The multifamily market fundamentals in Spokane County continue to trend in a positive direction as the attractive cost of living relative to other major PNW cities continues to attract new businesses and residents while the supply of new multifamily housing has lagged behind demand. “This acquisition increases our already strong investment in the Spokane County market, and allows us to preserve this high-quality affordable housing community for the next 10 years,” states Bryon Gongaware, Managing Director of the Affordable Housing Group for Security Properties. 

CBRE Capital Markets provided a 10-year term fixed-rate loan on the property. “It was a pleasure working with Security Properties to finance the acquisition of this property. We are particularly pleased to play a role in preserving much needed affordable units within this submarket,” notes Jim Flinn, Senior Vice President of CBRE Capital Markets.

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

Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 47 years, Security Properties has provided quality housing to its residents as well as brilliant financial performance for its investors. Since its founding, Security Properties has bought or developed over 80,000 residential units at a cost of over $4 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists.

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

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RICHMOND, VA – StoneBridge Investments of Washington, DC has bought Copper Spring, a 366-unit apartment community in the prestigious West End submarket of Richmond, VA, for $54.2 million. The seller, an affiliate of Clarion Partners, was represented by Eastdil Secured. 

Built in 1989 and extensively renovated in 2006, Copper Spring is located at 3301 Copper Mill Trace, just outside the Richmond city limits in Henrico County. With its close proximity to I-64 and West Broad Street, the community offers quick access to employment centers as well as shopping and entertainment options such as the 1.2 million square foot Small Pump Town Center.

The property comprises 23 two- and three-tale garden-style apartment buildings in a luxurious 30-acre wooded suburban setting. An unused 1.25-acre parcel on the site could be developed with additional residential density or amenities.  Current rental rates offer a discount of about $500 per unit compared with newer multifamily communities in the submarket.

Copper Spring is StoneBridge’s first acquisition in Richmond, following its recent acquisitions of two apartment communities totaling 500 units in Atlanta’s Perimeter Center submarket. The new ownership plans to undertake strategic upgrades to the clubhouse and other amenities, as well as some of the residences. 

“We were initially attracted to Copper Springs due to its proximity to large employment centers, strong historical operating performance, and legacy of high-quality institutional ownership,” said William Bateman, Director, StoneBridge Investments.  “We also believe that, given the open unit layouts and best-in-class amenity package, Copper Springs is poised to capture additional revenue gains through strategic unit and amenity renovations going forward.”

“We are very bullish on Richmond’s fundamentals, and reckon its long-term prospects are strong,” added Kees Bruggen, Managing Director, StoneBridge Investments.  “Led by a strong white-collar employment base, in combination with reasonable living costs, small commuting times, and extensive cultural amenities, Richmond continues to be an attractive live-work-play destination. We intend to remain active in the Richmond market for the foreseeable future.”

Copper Spring residents delight in extensive onsite amenities including two resort-style swimming pools and renovated clubhouse with indoor and outdoor wi-fi, 24-hour fitness center, business center, lighted tennis court, racquetball court, grilling stations, gaming area with shuffleboard, playground, lounge area, and coffee bar. Individual apartment homes feature wood-burning fireplaces, balconies or patios, walk-in closets, exterior storage, separate dining rooms, and ensuite washers and dryers. Select apartments have vaulted ceilings, Palladian windows, and built-in bookshelves.

The Richmond metropolitan area has attracted both multinational and local corporate employers with its highly educated population, low cost of doing business, and strategic location at the mid-point of the East Coast. A state capital that is just two hours from Washington, DC, Richmond offers stable Federal and state government jobs that use about 17 percent of the total metro area workforce. Innsbrook Corporate Center, just three miles from Copper Spring, has some 400 business tenants including Capital One, the area’s largest private employer with over 20,000 employees. Richmond serves as corporate headquarters to eight Fortune 500 companies and 11 Fortune 1,000 companies, and is home to one of the 12 Federal Reserve Banks and one of the 13 appellate courts in the US.

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LAWRENCEVILLE, GA – Atlantic Pacific Companies (A|P) announced the acquisition of Dunfield Place, a 200-unit market rate community with one and two-bedroom apartments in Lawrenceville, Georgia. The recently closed deal expands A|P’s Georgia owned and managed portfolio to just under 5,000 units.

“The addition of this asset continues to go A|P in to the direction of becoming one of the fastest growing real estate companies in the nation,” remarked Mark Briggs, Chief Operating Officer at Atlantic | Pacific  Real Estate Group.

Dunfield Place is located in Gwinnett county, one of the fastest growing counties in both Georgia and the nation.  A|P plans on performing significant capital improvements to Dunfield Place including clubhouse and landscaping enhancements, as well as extensive interior unit upgrades.  

A|P currently owns and manages 18 other communities throughout the Atlanta MSA including The Atlantic Vinings in Smyrna, The Atlantic Brookhaven in Brookhaven, Carrington Green in McDonough, The Atlantic Peachtree Corners in Norcross, Harris Bridge Overlook in Dallas, The Atlantic Loring Heights in Atlanta and recently announced, The Atlantic Aerotropolis in Atlanta.

Atlantic | Pacific Management (A|P Management), the property leasing & management platform under A|P Companies, will handle all property management responsibilities for the property.

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