SEATTLE, WA -Security Properties and Rockwood Capital bought Legacy at Pratt Park, a 249-unit mixed-use property with 6,720SF of retail located in Seattle, WA. The property was built in 2009 in the heart of the Central District.

Legacy at Pratt Park is a podium-style community totaling 248 apartment homes and 4 retail spaces (6,720 SF) in Seattle’s Central District. The property was developed in 2009 and uniquely features six tales of light gauge steel framing, a distinguishing feature when compared to the wood framing typically used by new multifamily construction in the area. Along with highly desirable western and southern exposures, the property has stunning 360-views of the Seattle skyline, Elliott Bay, Mt. Rainier and the Olympic Mountains. The property also offers a comprehensive amenity package which includes three rooftop decks, a fitness center, resident lounge, business center, pet wash room, package room, theater room, bike room and controlled building entry plus sits adjacent to the 5.5 acre Pratt Park.

Legacy at Pratt Park is strategically located at the intersection of S. Jackson Street and 18th Ave in Seattle’s Central District. The property is within one mile of the Seattle CBD (over 60 million square feet of office space) and First Hill (over eight million square feet of medical, healthcare and research facilities) all accommodating over 300,000 jobs. The site also sits on a major bus route and is just four blocks from the Seattle Streetcar, allowing residents to easily commute without the need of a car. The future Link Light Rail Station on I-90, scheduled to open in 2023, will also be walking distance from Legacy at Pratt Park, offering brilliant access to the Eastside and Greater Seattle Region. Other key locational advantages include the proximity to a neighborhood retail center just two blocks east and Seattle Universityto the northwest.

The business plot is to renovate all 248 units to an interior spec consistent with that of new construction in the area along with significant common area improvements.  By executing these upgrades, Legacy at Pratt Park will not only feature finishes competitive with new construction in the area, but also offer an amenity package that is among the best-in-class. 

According to Davis Vaughn, Senior Director at Security Properties, the acquisition was made because, “we focused on the opportunity to buy quality in that we are getting one of the few light-gauge steel midrise buildings in the city.   This, combined with the potential for neighborhood growth given the proximity to jobs and amenities from the Central District, should result in strong returns for our investors.”

“Legacy at Pratt Park fits well with our overarching investment thesis that an asset’s surroundings drive an investment’s performance over time as much as, if not more than, the asset’s inherent physical attributes,” says Matthew Friedman, a Director with Rockwood Capital. “The asset’s light gauge steel construction and attractive floor plans combined with access to both immediately adjacent outdoor space and numerous transportation options drew us to this opportunity, and we are very excited to contribute to the submarket’s continued evolution by executing our value-add program to the units and common areas.”

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

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BOSTON, MA – DSF Group announced the acquisition of Jefferson Hills Apartments located in the thriving Metro West region of Greater Boston.

The property is situated on 27 acres and consists of four six-tale apartment buildings and a clubhouse.  The unit mix comprises 180 studios, 551 one-bedrooms and 289 two-bedrooms. 

Jefferson Hills is located on Route 9, a major east-west thoroughfare that runs from downtown Boston to the western border of New York State. Additionally, the Massachusetts Turnpike (Interstate 90) is accessible in under one minute from the property.  The superior location offers immediate access to 58 million square feet of office space and 10 million square feet of retail within five miles of the property.

“This acquisition aligns perfectly with our strategy of purchasing well located work force housing to which we can add value,” stated Josh Solomon, DSF Group President. In the last year DSF has bought $525.5M in multifamily properties throughout New England.  “We look forward to adding Jefferson Hills to our Greater Boston portfolio,” stated Solomon.

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BETHESDA, MD – Grand Park Development obtained preliminary approval today on its proposal to bring 1,000 multi-family, high-rise units and 110,000 square feet of new shops and restaurants to a property just south of the successful Pike & Rose retail and residential community. Site plot review is the next step, following the approval yesterday of sketch and preliminary plans. 

“We are so excited to be that much closer to putting a shovel in the ground,” said Bradley Deckelbaum, development director for Grand Park Development. “Grand Park will contribute to the urban vision of the Pike District and the much-needed connectivity and infrastructure improvements.” 

Deckelbaum said the new, $400 million development will add momentum and energy to the Pike District, the thriving commercial corridor between the Grosvenor and Twinbrook Metro stations that launched with Pike & Rose, which is home to a slew of restaurants and such retail as L.L. Bean, REI and Sephora along with office space, condos, apartments, and a Canopy by Hilton. 

Grand Park, which Deckelbaum anticipates will be built in three phases with a late 2020 start, is located on 5.9 acres along Ancient Georgetown Road at Executive Boulevard on the former site of the VOB automobile dealership. 

Plans call for three separate buildings with heights ranging between 100 and 262 feet and the extension of Grand Park Avenue, the main thoroughfare in Pike & Rose. A network of sidewalks and bike paths will provide simple access and walkability in the Pike District and to the White Flint metro station. 

Grand Park Development is also offering to dedicate a half-acre parcel on the east side of the development to Montgomery County Parks. This civic green will include passive and active green space and possibly a retail kiosk. 

The new development paves the way for the “western workaround,” a new street grid and realignment that was programmed as part of the White Flint Master Plot. The road realignment is made possible through a land swap between the property owners and Montgomery County to allow for the road rerouting of Ancient Georgetown Road and Executive Boulevard. 

The Grand Park development fits squarely within the county’s vision for the White Flint Master Plot, which calls for an urban, walkable core around the Metro station.

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