SEATTLE, WA – Security Properties bought Bordeaux Apartments, a 124-unit multifamily property built in 1989 and located in Bothell, WA for $26,000,000. Security Properties now owns a total of 17 assets in the Seattle marketplace.

The property is located at the northern end of Bothell, WA near Martha Lake. Being minutes from the I-5/I-405 interchange, Bordeaux offers residents convenient access to all three of the region’s largest employment centers with Seattle and Bellevue both 20 miles south while Everett is just 10 miles north.  

Martha Lake is home to approximately 17,000 residents with an average household income of approximately $93k/year. The property’s unique central location provides simple access to numerous job centers and outstanding access to area retail. Ten minutes southwest of Bordeaux is Alderwood Mall, a 1.3 million square foot regional shopping center. Alderwood hosts a total of 166 retailers, including Apple, H&M, Nordstrom, and REI. Additionally, Mill Creek Town Center is just five minutes northeast of the property and offers more than 80 retail stores, boutiques, restaurants, and services, including three grocery stores.

The business plot is a moderate value-add.  Common areas will all be updated and all deferred maintenance will be repaired. Security Properties intends to modestly renovate the 96 original units. The renovated spec will include black appliances, cabinet doors / painted boxes, flooring, lighting and plumbing fixtures, baseboard, sprayed countertops, door hardware, interior paint, mirror surrounds, blinds, and curved shower rods.

According to Davis Vaughn, Director at Security Properties, the acquisition was made because, “Bordeaux offered us an asset priced significantly below replacement cost in an area with convenient access to both jobs and retail.  Bordeaux has value-add potential we will unlock with our renovation program and enhanced management.  As the Seattle MSA continues to grow, we expect this location to thrive resulting in brilliant returns for our investors.”

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

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LOUISVILLE, CO – H2 Capital, a privately-held multifamily real estate investment firm based in Louisville, CO, continues to grow its portfolio with the company’s first set of out-of-state acquisitions. H2 recently closed on 302 units in Virginia in a $20.6MM off-market transaction, consisting of 120 units in Richmond (Laurel Pines Apartments) and 182 units in Roanoke (Frontier Apartments). These two deals come on the heels of H2’s first acquisition, a 280-unit apartment community in Fort Collins, Colo. (The Argyle at Willow Springs Apartments), which closed in late 2016 for $50,250,000.

“While attending law school at the University of Richmond from 2003-2006, I started to know the strength of the local Virginia economies and the housing value Virginia residents receive relative to other U.S. markets. We are thrilled to close on our first acquisitions in Virginia and look forward to growing our presence in the Mid-Atlantic Region,” said Chris Geer, one of the founding partners of H2. “Both of these properties are well-built and represent a meaningful housing solution to our target demographic.”

The 109,000sf Laurel Pines Apartments, built in 1988, consists of eleven buildings and a clubhouse, and is currently 98% occupied. The transaction closed March 10, 2017, for a price of $10,558,000, or $87,983 per unit, and H2 intends to spend about $3,100 per unit on cosmetic improvements to the units and common areas. The buyer took out a new Fannie Mae mortgage as part of their acquisition of Laurel Pines at roughly 78% LTV.

The 138,400sf Frontier Apartments, built in 1972, consists of sixteen buildings and a clubhouse, and is currently 94% occupied. The transaction closed March 3, 2017, for a price of $10,000,000, or about $54,945 per unit. The new buyer assumed an existing Fannie Mae mortgage and took out a small supplemental Fannie Mae loan as part of their acquisition of Frontier, for a combined LTV of 76%. Pinnacle Property Management has been awarded the management contract for both of these Virginia deals.

The 258,528sf Argyle property, built in 1999, consists of fifteen buildings and a clubhouse, and is currently 95% occupied. The transaction closed September 28, 2016, for a price of $51,250,000, or $183,036 per unit, and H2 intends to spend approximately $6,250 per unit on cosmetic improvements to the units and an extensive $300,000 clubhouse, pool area and common area renovation. The buyer took out a new Freddie Mac mortgage as part of their acquisition of The Argyle at roughly 72% LTV. Mission Rock Residential has been awarded the management contract.

H2 Capital was formed in 2016 by three veteran real estate principals: Chris Geer, Eric Mallon and Terry Simone. Collectively, they have been involved in the ownership, acquisition, asset management and property management of approximately 20,000 multifamily units representing over $1B in aggregate value, and have proven their ability to identify and unlock asset value by instituting capital improvement programs and best management practices.

“H2 has been a long time in the making, and a natural evolution of all of our careers,” said Mallon. “Before H2, Chris and I were both operators turned investors and found that we were pursuing many of the same deals. We thought that we’d be more formidable by joining forces, and partnering with Terry is really the icing on the cake. Terry brings a tremendous wealth of operational knowledge and industry contacts that are invaluable to our growth.”

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MASON, OH – Senior Lifestyle Corporation, an industry-leading owner, operator and developer of senior living communities, announced its newest plotted community, The Sheridan at Mason, slated to open for residents in the fall of 2017. Developed by CA Senior Living, the senior housing investment and development division of Chicago-based CA Ventures, in partnership with Wanxiang America RE Group, the highly-amenitized community will offer customized care surrounded by vibrant landscaped outdoor spaces near Mason’s dynamic restaurant and retail center.

The Sheridan at Mason is located at 5373 Merten Drive and is currently accepting reservations for 101 studio, one- and two-bedroom apartment homes, which include helped living and memory care units ranging in size from 300 to 1000 square feet. A welcome center on the property is now open where interested potential residents can learn more about the community and its amenities.

“The Sheridan at Mason combines our innovative memory care options with upscale amenities and a unique design, which makes for a warm and inviting experience,” said Stuart Solomon, executive director of The Sheridan at Mason. “We offer a range of social activities, comfortable spaces and real-time updates for families to stay in the loop with their loved ones. Our holistic approach to care allows us to meet the needs of each resident.”

The Sheridan at Mason will include a full suite of luxury services and amenities, including chef-prepared meals, a bistro dining and gathering spot, a bar and grand parlor, as well as best-in-class memory care and 24-hour access to licensed care staff. Conveniently located near the Deerfield Towne Center, it is easily accessible from the Mason Montgomery Road and Interstate 71. The Sheridan at Mason is also in proximity to renowned Cincinnati restaurants and shopping favorites.

In addition to providing a broad spectrum of helped living and memory care accommodations to meet the housing needs of the growing senior population in the greater Cincinnati area, The Sheridan at Mason will make approximately 90 permanent new jobs in the community.

Diamond Charter Membership is currently available to potential residents and offers a variety of benefits, including first selection of apartment homes, exclusive pricing that will not increase for at least the first year, a private four-course dinner party hosted by the executive chef, and more.

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