SEATTLE, WA – Security Properties bought Tria Apartments, a Class-A podium-style multifamily property located in Newcastle, WA for $26,750,000. Security Properties now owns 117 assets totaling approximately 24,400 units across its portfolio. This includes 27 properties and more than 5,700 units in the Seattle/Tacoma/Bellevue MSA.
Tria was developed in 2017 and consists of 76 apartment homes and 1 retail space spread across a single 6-tale building on 0.94 acres. The unit mix features an attractive range of floor plans with an average unit size of 742 square-feet. Unit interiors consist of stainless steel appliances, quartz countertops, hardwood flooring, kitchen islands, pantries, washer/dryers, oversized closets and a private balcony/patio. From an amenity perspective, the property offers a rooftop deck/lounge, resident clubroom, fitness center, 24-hour package lockers, bicycle storage, secure garage parking and vehicle charging stations.
With a population of roughly 13,000, Newcastle offers its residents both the conveniences of urban living with the lifestyle of a small town. Located just 5 miles south of Downtown Bellevue, 3 miles north of Renton and 10 miles southeast of Downtown Seattle, the submarket is ideally positioned between the region’s largest employment hubs. Each of these can be easily accessed via Interstate 405, which has onramps less than 5 minutes from the site.
As for the micro-location, Newcastle offers residents a suburban lifestyle full of retail, restaurants, 40 acres of parks/open spaces and numerous other local attractions. Tria is conveniently located in downtown Newcastle, across the street from Coal Creek Village. The shopping center includes a QFC, Safeway and Bartell Drugs among other businesses.
According to Alex Gauper, Director at Security Properties, “the acquisition of Tria represented a unique opportunity to buy a high-quality asset at a significant discount to replacement cost in one of the Eastside’s most highly desired submarkets. Newcastle’s combination of a pivot point location for accessing regional employers, lack of future housing supply and an exemplary rental demographic, well position the asset to capitalize on the submarket’s long term growth prospects. We are very excited to add Tria to our Pacific Northwest portfolio and look forward to delivering strong returns to our investors over our hold.”
The property will be managed by Security Properties-affiliate Security Properties Residential.

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CHARLESTON, SC – Greystar Real Estate Partners, a global leader in the investment, development, and management of high-quality rental housing, has closed $600 million for three mixed-use university student housing projects at the University of Maryland, College Park and University of Texas at Austin (UT Austin).
The investment includes two projects at UT Austin, a tier 1 research institution, the fifth largest enrollment in the nation, and is the 15th ranked public university in the nation. Union on San Antonio, a Public Private Partnership (P3) with St. Austin Catholic Parish is a $170.7 million high-rise, delivering 425 units and 991 beds, and the new Catholic parish, rectory and K-8 school for $32 million. The Union is located on the corner of San Antonio and 21st street, one block from the UT Austin campus. Amenities include a pool, rooftop deck, and a fitness center. The project designed by Page and Greystar’s Austin team will oversee development and construction management with Hensel Phelps as the general contractors.
The second UT Austin project, The Union on 24th includes a $262 million high rise, delivering 552 units and 1,448 beds to the West Campus submarket. Greystar will lead the development and self-perform construction.
The University of Maryland’s Knox Road development is a $140 million Public Private Partnership with Terrapin Development Company (TDC) an entity comprised of the University of Maryland College Park (UMCP) and the University of Maryland College Park Foundation. The gateway project consists of 341 units, 788 beds, 22,000 square feet of retail, a multi-use outdoor common space, and a fitness center. The 1.66-acre site sits on the research institution’s corner of Knox Road and Sterling Place, adjacent to the residence halls and surrounding retail corridor. The project was designed by WDG, and Greystar’s Mid-Atlantic team will oversee the construction of the project with JMA as the general contractor.
“The successful financial close and ground-breaking of these three projects is a tremendous achievement by our development, finance, investment and university partnerships teams,” said Julie Skolnicki, Senior Managing Director of Greystar. “We’re seeing an increase in demand for high-quality student housing and complex mixed-use P3 structures at top tier institutions in the US and we’re thrilled at the opportunity to support the evolutions of these campuses. Greystar is consistently seeking innovative ways to elevate the collegiate living experience on and off campus, and we look forward to seeing these projects come to life.”
Construction on all projects is set to start in October 2021 and slated for completion in Fall 2024.

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MOUNTLAKE TERRACE, WA – San Francisco-based real estate investment firm Hamilton Zanze announced the sale of Maple Glen Apartments in the desirable Lynnwood/Edmonds/Mukilteo submarket of Seattle, Washington. The firm bought the property in 2015.
During their ownership, Hamilton Zanze completed numerous exterior and landscaping improvements, and renovated units with new lighting, windows, hardware, and balcony repairs to improve leasing efforts and quality of life at the community.
“We are elated with our business plot execution with Maple Glen and the outcome for our investors. Since acquisition, we were able to renovate units and implement expense saving measures and improve this community alongside the growth in Mountlake Terrace,” said Anthony Ly, director of dispositions at Hamilton Zanze. “The early delivery of the nearby light rail expansion will certainly make the property a very desirable location for a long time to come.”
The Maple Glen Apartments were built in 1986 and is located at 5424 212th Street SW in Mountlake Terrace. The property comprises 106 one- and two-bedroom units averaging 794 square feet. The community features a fully renovated clubhouse with fitness center, lounge, swimming pool, sauna, and spa.
Maple Glen Apartments is in the Lynnwood/Edmonds/Mukilteo submarket of the Seattle metro area. The community is centrally located near Interstate 5, Interstate 405, and the Seattle-Tacoma International Airport, which provides nonstop flights to domestic and international destinations. The property is in proximity to large employers including Amazon, Naval Station Everett, and Boeing. Seattle’s economy benefits from stable employment growth in mid- and high-paying sectors and is home to eight Fortune 500 companies.

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