REDMOND, WA – Security Properties and Cigna Investment Management bought Heights at Bear Creek, a 227-unit, Class A multifamily property located in Redmond, WA.  This was Security Properties’ second joint venture with Cigna Investment Management. 

The location is brilliant as it has a low density, suburban feel, but also offers residents direct access into the city’s rapidly growing town center, less than 1 mile south of the property.  Redmond has one of the best “urban suburban” town centers in the region and it is a model that many other cities have tried to replicate.  With light rail coming in 2024, Redmond’s should continue to thrive.  Additionally, just ½ mile south of the property Avondale Way turns into SR-520, servicing Microsoft’s World Headquarters (35k employees) less than 10 minutes south as well as other major eastside employers such as Nintendo, Google and Tableau.

The site was originally developed in 1993 but was constructed with 9 foot ceilings, a unique detail for multifamily constructed during this time and a huge differentiator over many of the comps. This feature, combined with the large average unit size (1,091 Sq. Ft.) and high concentration of corner units (90%) make the asset ideally suited for Redmond’s family oriented demographic. 

The median listing home price in Redmond is nearly $700K and the average income within three miles of the subject is $109,000. The Heights is part of the Lake Washington School District, which is repeatedly ranked as one of the top districts in the state. 

The business plot is to renovate all of the units to a high-end spec as well as update the clubhouse and paint the exterior. 

Barrett Sigmund, Sr. Director at Security Properties, says, “Heights is rare in the market in that it has nine-foot ceilings, large units, and a low density setting.  By layering our rehab program unto the irreplaceable physical asset, we will have one of the best value propositions for renters in the Redmond market.”

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

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GAITHERSBURG, MD – Hercules Living, a twenty year plus family-owned and operated regional multifamily developer headquartered in Virginia Beach, Virginia, has just completed construction of its newest tax credit apartment community called Crossings at Olde Towne.

The city of Gaithersburg is in the midst of a 25-year revitalization plot, turning Olde Towne into a pedestrian-friendly cultural hub to support a mix of successful businesses and residential communities. Olde Towne is being transformed into a destination area that draws out-of-towners, supports local dining, shopping, entertainment and sports activities.

Hercules Living’s contribution of the new 199 unit multifamily complex was five years in the making.  The project presented several challenges to the three entities – Hercules Living teamed with their development arm, RST Development, LLC, and construction arm, Triangle Construction, both of Rockville, MD., to tackle the 265,000-square-foot development.

Crossings at Olde Towne was designed specifically for the urban setting of the Olde Towne District. The location presented a challenge for the construction team as it backs directly on one side to an active railroad track. Noise emanating from rail traffic required the design and implementation of a particular sound barrier system to efficiently provide noise reduction. 12″ thick advanced absorption materials were used to make top-performance noise reduction along with the use of high-rated STC (Sound Transmission Class) windows to significantly reduce sound.

Through thoughtful design, construction management, and plotting, Crossings at Olde Towne qualified and earned the prestigious ENERGY STAR 2.0™ rating. This designation indicates that building was designed and constructed to be at least 15% more energy-efficient than needed to meet code requirements.

“We couldn’t be more proud of the work we have accomplished and our contribution to the district with this high performing, multifamily building,” said Scott Copeland. “Adding quality, design-forward, affordable energy-efficient housing to the Olde Towne revitalization strengthens the district in attracting vibrant, engaged, community-oriented residents.”

Award-winning Hercules Living now owns and manages over 40 properties, including more than 8,000 apartments in seven states. The company’s portfolio includes a range of both market-rate and affordable properties completed as new construction, renovation, and adaptive reuse projects.

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