TRI-CITIES, WA – Security Properties and an institutional equity partner bought Riverpointe Apartments, a 228-unit Class B multifamily property located in Richland, WA for $22,300,000 and Crosspointe Apartments, a 200-unit Class B Multifamily property located in Kennewick, WA for $19,000,000.

Both assets are 1996-vintage garden-style apartment communities. The well-located assets have been well maintained, but have had small in the way of aesthetic enhancements since they were built.  By renovating the unit interiors and improving amenity areas and building exterior, Security Properties will elevate these properties to a higher class product while providing residents with a superior standard of living.

Barrett Sigmund, Sr. Director at Security Properties states that, “these acquisitions represent Security Properties continued effort of locating value in a competitive multifamily space. While the DOE’s massive Hanford Site contributes significantly to the highly educated work force and high median incomes in Richland and Kennewick, Benton County has quietly seen growth in healthcare, education and agriculture as well.  When combined with relatively low apartment supply, we expect this market to continue to perform well. At an average basis of $96,495/unit and highly favorable cap rates relative to our debt rates, these investments will delight in brilliant risk adjusted returns to our investors.”

Riverpointe and Crosspointe were financed with assumed HUD mortgages at an attractive 3.42% average fixed rate. These assets will be managed by Security Properties-affiliate Madrona Ridge Residential.

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ARVADA, CO – Prescient, a fully integrated, proprietary and patented design, engineering, manufacturing and installation solution for the construction industry, announced the completion of two senior housing projects located in Stuart, Fla., and Lonetree, Colorado.

This marks Prescient’s entry into the senior living category, increasing the company’s presence across the multi-unit housing spectrum in five categories, including: market-rate apartments, student dorms, hotels and armed forces housing.

The company’s most recent senior living project, Providence Living at Stuart, owned by Providence One Partners LLC and located in Stuart, Fla., is a 108,000-square-foot, two-tale structure that includes 68 helped living units and 32 memory care suites. The project was designed by Baker Barrios and constructed with F.M. Harvey Construction.

The company’s first senior living project, MorningStar at Ridgegate, owned by MorningStar Senior Living, features one-tale, three-tale and five-tale interconnected wings built using Prescient’s proprietary software and framing system. The 250,000-square-foot project consists of 124 independent living units, 71 helped living units and 29 memory care suites. The project was designed by Lantz Boggio Architects, built by Haselden Construction and developed in conjunction with Jirsa Hedrick Structural Engineers.

“Our system is ideal for senior living projects,” said Satyen Patel, chairman and CEO of Prescient. “The Prescient platform is significantly more cost-efficient compared to concrete or wood, and our ability to accommodate different types of units allows us to trim months off typical construction schedules, which means minimized neighborhood disruption and an expedited track to earnings, return on investment and project internal rate of return for developers.”

Prescient structures consist of a combination of pre-assembled steel posts, trusses and panels that are custom-manufactured using Prescient’s proprietary design software. The system is a viable option for senior housing projects because it is a non-combustible solution that minimizes disruption in the areas surrounding the construction zone and reduces the need for rework, helping owners meet timelines and budgets.

Prescient, which recently expanded its Arvada headquarters and manufacturing facility and broke ground on an East Coast manufacturing plant in Mebane, N.C., is on track to complete nearly 2 million square feet of projects during 2016 in market-rate apartments, hotels, armed forces housing, student housing and senior living segments in Colorado, Florida, Georgia, Illinois, Missouri, Nebraska, North Carolina, Oklahoma and Texas.

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