SEATTLE, WA – Security Properties bought Beaumont Grand, a 267-unit, Class B multifamily property located in Lakewood, WA for $35,200,000. The property was originally developed in 1995 and consists of 23 two and three tale residential buildings spread out over more than 11 acres.

Geographically, the city of Lakewood is situated just 9 miles south of Tacoma and less than two miles east of the Puget Sound. The property’s strategic location also affords residents convenient access to two of the area’s largest employers. Joint Base Lewis-McChord, the largest military base on the west coast, is located ~15 minutes south and supports a total of 66,000 jobs. Additionally, the 800-bed Western State Hospital employs roughly 2,100 and is located less than one mile west of the property.

Lakewood is a submarket that has strong job drivers, but very limited supply. Since 2002 only two properties, totaling 306 units, have been built in the area with no plotted future apartment developments. This, combined with the significant rent growth currently being experienced in Seattle’s first ring, is pushing people out of the core into markets like Lakewood where the rents are much more affordable.

One of the property’s most unique features is its large units. At an average of 939 square feet, Beaumont’s floor plans are by far the largest in its competitive set. Additionally, Beaumont Grand is one of only two gated communities in the area making a higher-end feel.

Beaumont Grand represents a value-add investment with moderate interior and exterior renovation characteristics.   Security Properties plans to renovate all units. The new spec will include black appliances, cabinet doors with modern pulls, upgraded lighting, paint and baseboard along with flooring.

In order to effectively reposition the asset, the current business plot also includes capital focused on the modernization of resident common areas and amenity spaces. Additional major projects include a roof replacement and full exterior paint.

According to Davis Vaughn, Director at Security Properties, the acquisition was made because, “this was a basis buy for us in a submarket with zero supply.  We believe in JBLM long term and like opportunities where we can come in significantly below replacement cost.  With a low basis and value-add upside, we expect this acquisition to outperform the overall market and make value for our investors.”

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

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DALLAS, TX – Towering over Victory Park is Victory Place, a groundbreaking new 25-tale apartment community decked out in sky-high amenities has started preleasing, nearing completion in March 2017. The 352 units of urban real estate are prime, within walking distance to American Airlines Center, Katy Trail, Most pleased Hour, Whole Foods, restaurants, shopping, and night life in Uptown and Victory Park.

Studios, one bedrooms, two bedrooms, and three bedroom floor plans have begun preleasing, offering sky-high downtown views with floor to ceiling windows and nine foot exposed concrete ceilings. The sights and sounds of Victory Park can be taken in from the units’ private balconies and terraces or from the rooftop pool. Located on the twenty fifth floor, the resort-style rooftop pool boasts Dallas views, in addition to a Sky Deck with outdoor kitchen, fireplace, lounge seating and TV, and a rooftop lounge with a pool table and shuffleboard.

Communal conveniences include a state-of-the-art 24-hour gym, yoga, Pilates and cross-training room, dog spa, controlled access entry, parking garage, fully equipped business center with gourmet coffee bar, conference room with Apple TV, common area Wi-Fi as well as on-site retail.

Designer tiled walk-in showers, granite countertops with subway tile backsplashes, stainless steel appliances, side-by-side refrigerators, hardwood floors with stylish cut-Berber carpet in bedrooms and electronic home entry systems are some of the in-unit features of the high-end tower.

Victory Place will be under the management of Lincoln Property Company, the second largest multifamily manager in the United States, headquartered in Uptown, Dallas.

The luxury apartment tower is the 15th delivered by Novare Group and co-sponsor Batson-Cook Development Company, following projects in Texas, Florida, Colorado, Georgia, North Carolina and Tennessee. The program has started or delivered more than $1.5 billion in new mixed-use development this cycle. Led by Jim Borders and Novare Group, the SkyHouse team includes general contractor Batson-Cook Construction and architect Smallwood, Reynolds, Stewart, Stewart.

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LILBURN, GA – CBRE Group has arranged the sale of Park Crossing Apartments at 2700 Park Crossing Way in Lilburn, Georgia. New Jersey-based Engineering Partners, a boutique investment firm, bought the 280-unit community for $22.6 million to add to its multifamily portfolio.

CBRE’s Brad Simmel exclusively represented the seller, Ventron Management, in this transaction.

Built in 1985, the two and three-tale suburban, garden-style property, that includes large one, two and three bedroom layouts, has maintained consistent tenancy with 98% occupancy in 2016.

With a limited amount of improvements to the community, the acquisition provides an ideal value-add option for new ownership. By updating the amenities and interior finishes, it offers the buyer an brilliant opportunity to increase rents across all unit types, while appealing to current and future residents. 

“Given that the metro Atlanta area has become the epicenter of the financial, technology and logistics sector– for both job and population growth – the northeast suburbs, including Lilburn, are projected to add more quality jobs, ensuring an ongoing demand for excellent housing options,” said Brad Simmel, Senior Vice President, CBRE.

With access to Atlanta Hartsfield-Jackson International Airport and the Interstate Highway system, the northeast submarket has become the largest industrial distribution center in Atlanta. As a powerful warehouse hub with 161 million square feet of space, and construction activity reaching a 10-year high in 2016, per CBRE’s U.S. Industrial & Logistics MarketView, a growing number of companies are moving to the area, making a go-to a destination for potential tenants looking for multifamily properties to go into.

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