SEATTLE, WA – Security Properties bought Martingale, a Class A multifamily property located in Lacey, WA for $92,000,000. Security Properties now owns 27 assets totaling over 5,900 units in the Puget Sound marketplace.
Martingale was constructed in 2020 and consists of 240 units spread out across 10 residential buildings and 11.2 acres. The residential units are a mix of studio, one and two-bedroom floorplans with an average unit size of 849 SF.
Originally established as a suburb of Olympia, the City of Lacey is situated just five miles east of the state’s capital at the southern tip of the Puget Sound. With more than 1,200 acres of public parkland, an adjoining 3,700-acre national wildlife refuge, five freshwater lakes and several championship golf courses, the city is best characterized by its virtually unlimited opportunities for outdoor recreation. The area also boasts a low crime rate, a healthy economy and proximity to major metropolitan areas (30 minutes south of Tacoma).
At the property level the site is ideally positioned just off Martin Way, an arterial thoroughfare that runs through Lacey and connects into downtown Olympia. While the entrance road to the site is directly off Martin Way, the clubhouse and residential buildings are tucked back roughly 400 feet, allowing for a private living environment free of traffic noise without sacrificing drive-by visibility. From a retail standpoint, directly across the street sits the Hawks Prairie Village Mall, a 154,000 sq. ft. shopping center anchored by Safeway. Several huge box retailers also surround the mall including Costco, Home Depot, WinCo Foods and Best Buy. This is the primary retail hub for Lacey and functions as the town center. Walkable retail should provide long term differentiation as this is a material competitive advantage within the market.
The business plot is a long-term yield investment with light upgrade characteristics. While the asset currently offers a best-in-class amenity package and well-appointed living units, Security Properties has identified several opportunities to further emphasize this strength. They also plot to address a small list of minor immediate needs on the property as necessary.
According to Alex Gauper, Director at Security Properties, “Martingale fits our recent strategy of identifying well-located, new-construction assets in markets with strong drivers. We feel that we have the best asset in Lacey, a stable market with very limited historical supply resulting in pent up demand for high quality product. We are very excited to add Martingale 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.

Powered by WPeMatico

DALLAS, TX – Noel Management Company announced the acquisition of The Avenues at Carrollton, a 268-unit, garden-style apartment community in Carrollton, Texas. The property, completed in 2015, is comprised of eight three tale residential buildings.
The Avenues at Carrollton offers eight distinct floor plans with an impressive selection of one, two, and three-bedroom apartments. Residents can currently delight in a generous suite of amenities including designer kitchens with granite countertops, full-size washer and dryers, walk-in closets, and private patios or balconies. The well-appointed apartment homes also include stainless appliances, gorgeous wood-style flooring, and lofty nine-foot ceilings. Every apartment is designed to allow one s personal style to shine through with fashionable touches and customized features that set the gold standard for contemporary apartment living.
The community also boasts a resort-inspired saltwater swimming pool, outdoor grilling stations, sundeck, and poolside Wi-Fi access. Residents can take advantage of the business lounge with high-speed Internet access, modern fitness center with professional equipment, and the gourmet Starbucks Coffee bar, which is a fantastic spot for socializing or wrapping up some work over the weekend. From scenic lush landscaping to quick access to the Dallas-Fort Worth area, The Avenues at Carrollton takes special care of resident needs with sophisticated luxury and modern style that go hand-in-hand.
The community will undergo an extensive $1.5 million upgrade to the building exterior as well as to its individual apartment units. Plotted upgrades include the installation of a robust technology package, including USB ports, Nest thermostats, smart door locks, and an Alexa integration. The community will also add an outdoor fireplace, upgrade its landscaping to include more green space, and paint the entire exterior of the building to enhance the overall curb appeal of the property.
“We are excited to expand our footprint with the acquisition of The Avenues at Carrollton. This highly attractive area in a prime market provides our residents with unparalleled accessibility to major employers, retailers, nationally ranked schools, key regional suburbs, and Downtown Dallas. We are very enthusiastic about the plotted improvements to the community and projected return on our investment, stated Lenny Licht, CEO of Noel Management.
Located in the heart of the Dallas-Fort Worth area, Carrollton provides its residents with a comfortable, suburban way of life with close proximity to all the attractions and amenities of Downtown Dallas. With a prime location and a comprehensive amenities list that will be expanded through a community-wide upgrade, The Avenues at Carrollton has undoubtedly become the preferred apartment community for today s modern renter.

Powered by WPeMatico

ATLANTA, GA – ECI Group (ECI) has closed on a development site at the intersection of Courtesy Parkway and Ancient Covington Highway in Conyers, GA and will start construction in January 2022 on a 300-unit apartment community, The Corwyn at Conyers, in the rapidly growing Rockdale and Newton County submarkets of Atlanta, GA.
Construction financing was provided by Wells Fargo Bank, N.A and joint venture equity financing was provided by The Griffin Fund. ECI expects to deliver first units in July 2023 with completion in January 2024.
“Corwyn at Conyers will be the first new apartments in the Conyers market in 20 years,” said James Baugnon, President and CIO at ECI. “Driven by explosive job growth, as demonstrated last week by Rivian Automotive’s announcement of a multi-billion dollar EV vehicle-assembly and battery plant to be located in the I-20 East Corridor, this Class A apartment project with modern finishes and resort style amenities will be a welcome addition to the more dated inventory of rental options in this market today.”
Corwyn at Conyers will have immediate proximity to I-20 as well as over one million square feet of retail, restaurants, hotels, shopping and service amenities.

Powered by WPeMatico