SEATTLE, WA – Security Properties closed on a two-property portfolio acquisition in the Seattle MSA. The acquisition consists of 207 East Apartments, a 288-unit Class-A multifamily garden-style asset located in Edgewood, WA and Helm Apartments, a 192-unit Class-A garden-style asset located in Everett, WA. Both assets were developed in 2020 and are best in market assets. Security Properties now owns over 131 assets totaling over 27,553 apartment units across its portfolio, including 7,850 units in the Puget Sound region.
207 East is located in Edgewood, a small and tranquil residential city positioned between the region’s 2 major thoroughfares (I-5 and Hwy 167) and eight miles east of Downtown Tacoma. Edgewood is located in Pierce County, a region that has greatly benefited from domestic migration in recent years, as residents look to escape the high cost of living in neighboring markets to the north. The county appeals to many people because of its strategic location which provides convenient access to employment hubs in Olympia and Seattle. Additionally, the county boasts a thriving economy anchored by Joint Base Lewis McChord, CHI Franciscan Health, MultiCare Health System, and the Port of Tacoma, which with the Port of Seattle, forms the fourth-largest container gateway in North America.
Helm is located adjacent to I-5 in South Everett, a submarket north of Seattle. SP has been actively focusing on peripheral submarkets that face limited supply, have robust rent growth, and offer a strong value proposition as an alternative to the urban core. Helm is strategically located at a pivot-point location in South Everett near Mill Creek. Residents have simple access to Everett’s Aerospace Corridor, anchored by Boeing, Bothell’s biotechnology corridor, as well as the technology employment hubs in Seattle and Eastside.
According to Davis Vaughn, Senior Director at Security Properties, “As the largest buyer in the Pacific Northwest for the past few years, we were excited about the opportunity to expand our footprint in the region. These were a fit as a specific target for us has been buying higher quality, newer assets in secondary locations that have historically been undersupplied. We look forward to making value for our investors by being able to offer a superior product and resident experience to the markets these assets serve.”

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DENVER, CO – Embrey Partners closed on its land buy for The Finch, a 370-unit multifamily residential community located in Denver’s Golden Triangle Creative District, a vibrant, creative, cultural and civic center in downtown.
In 2018, the New York Times named the Golden Triangle Creative District as one of the best places to visit in the United States describing it as “a new art epicenter” noted for its “high-caliber museums” and its “inspirational, creative atmosphere.”
“Embrey is nationally recognized as a high-end designer and builder of premier multifamily communities and the living experience we bring to this project fits perfectly into Denver’s Golden Triangle Creative District,” said Jimmy McCloskey, Embrey’s Executive Vice President for Development. “We are delighted to become part of this community.”
Embrey, known for its attention to detail, has left no detail undesigned. The residential living spaces will offer 9- and 10-foot high ceilings, inviting kitchens with quartz countertops and stainless steel kitchen appliances, and select units will offer bathrooms with soaking tubs and walk-in showers.
Plotted amenities for the project include a seventh-level deck with breathtaking views of downtown and the Colorado Rocky Mountains, a spacious clubroom with micro-offices and, WiFi lounge, pool and spa with an adjacent indoor/outdoor lounge, fitness and yoga center, Speakeasy, and a dog park and spa for furry companions.
Construction is expected to start in the first quarter of 2022. The clubhouse and first units will be available for occupancy in 2024.

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MARIETTA, GA – TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Crestmont Residences, a 228-unit Class-C apartment complex located in Marietta, GA, a northeastern suburb of Atlanta. The property was built in 1987 and features one, and two-bedroom units. On-site amenities include a pool, business center, dog park, grilling stations and playground.
Steve Hagenbuckle, TerraCap Managing Principal, said, “Crestmont models well with our thesis and investment strategies. We find this property to be well located with fantastic attributes. Taking this asset to its next level of potential will be exciting for the TerraCap team. We appreciate the seller and the trust they had in us to do on time and without incident. We will do our best to make the right enhancements in the right areas.”
Crestmont Residences is located in the Kennesaw submarket, which has seen some of its fastest population growth within the last year and has compressed vacancies. TerraCap plans to reposition the property and capture this rent growth through several capital projects, including a renovation program on the unit interiors.
“After exiting several properties in Cobb County earlier this year, we are excited to become property owners again in one of the most dynamic suburbs of Atlanta,” said Robert Witt, TerraCap Asset Manager. “We are keen to get started on the plotted capital projects for the property, which we believe will enhance the overall curb appeal. The fresh new look of the property, organic rent growth, and the population growth happening in the market are the pillars of why we reckon that this property will meet our expectations.”
Kevin Geiger of CBRE represented the seller in the disposition. First Communities Management was hired by TerraCap as property manager.

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