SEATTLE, WA – A partnership between Security Properties and an affiliate of Rockwood Capital closed on the acquisition of Midtown 64 in an off-market transaction. Midtown 64 is a newly constructed 365-unit Class A mid-rise asset located in Kent, WA.
The property consists of 5 residential buildings and one clubhouse spread across 10 acres. Unit interiors include 9-foot ceilings, fully-appointed kitchens with quartz countertops, stainless steel appliances, full-sized washer/dryers, AC ports, walk-in closets, and either a private deck or patio. Additionally, the property features a clubhouse and resident lounge with fitness center, outdoor pool, BBQ area, fire pits, yoga studio, art studio, game lounge, rooftop deck, dog park, dog wash, bike room, playground, and bocce ball court.
Midtown 64’s unique location provides residents with convenient access to numerous regional job hubs in multiple directions, as well as plentiful retail amenities within the immediate area. Within a 5-minute drive to the south is Kent Valley, the region’s largest advanced manufacturing, aerospace, and distribution corridor with an employment base in excess of 250,000. Kent Valley is home to more than 10,000 businesses including Amazon, Boeing, Blue Origin, and Alaska Airlines. To the north are Seattle-Tacoma International Airport and Renton, which are home to approximately 20,000 jobs each. Bellevue and Downtown Seattle’s tech corridors are also easily accessible with nearly 400,000 jobs total.
Residents benefit from a plethora of transit options, providing access to employment hubs. The site is located within a 5-minute drive of Kent Station’s Sounder Commuter Rail, Interstate 5’s onramp at State Route 516, as well as State Route 167, which connects with Interstate 405. Tenants also delight in proximity to the retail district anchored by Kent Station, a 470,000 square-foot open-air shopping center featuring more than 60 shops and restaurants. Additionally, Kent’s largest grocer Safeway, is located just a block from the property.
Accessibility will be further enhanced when Sound Transit’s Link Light Rail extends its service south to Kent/Des Moines station, located adjacent to the I-5 and State Route 516 intersection.
According to Davis Vaughn, Senior Director of Acquisitions at Security Properties, “Midtown 64 presented the opportunity to buy one of the top assets in the growing submarket of Kent which has had extremely limited supply delivered the past few decades. By being able to offer residents high-quality product in a location so proximate to jobs, Midtown 64 is well-situated for long term growth. By adding this asset to our portfolio, we look forward to continuing to establish Security Properties as the leading owner-operator in the Pacific Northwest.”
“The Puget Sound continues to be one of the nation’s most dynamic economic tales, and we are excited to buy a high-quality multifamily project in an evolving location within the market,” said Matthew Friedman, Managing Director at Rockwood Capital.

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SAN JOSE, CA – Urban Catalyst submitted its formal application with city plotting officials for a 497-unit housing development in downtown San Jose, in partnership with local architect and entrepreneur Thang Do, CEO of Aedis Architects. The Apollo project will bring an 18-tale residential high rise to 32 Stockton Ave., at the corner of West Santa Clara Street.
The Apollo project is not part of either of Urban Catalyst s Opportunity Zone funds, which raise investor dollars for a variety of developments in downtown San Jose.
The residential housing will be built in a key downtown location, near the Diridon train station, the SAP Center and the coming Google mega-campus. The site is across the street from a Whole Foods store and just a small walk from many businesses along The Alameda.
The Apollo is another step to address the housing crisis in Silicon Valley, said Erik Hayden, CEO and managing partner of Urban Catalyst. When we build high-density residential units in a transit-oriented location, we are building to meet the needs of today and tomorrow.
In addition to its prime location, the Apollo will deliver on amenities. The property will feature a spa, an infinity pool with a see-through bottom above the main entrance, co-working space and two separate rooftop lounges. And it will be built with a post-Covid world in mind.
The Apollo will feature silent working spaces designed for the new hybrid work-from-home model, said Josh Burroughs, Urban Catalyst s chief operating officer and partner. Burroughs said the project will include ground-floor retail space as well.
Said Do: This is such a prominent site in downtown San Jose, we wanted to make a building with a strong presence and much vibrancy at the street level. And, at the same time, a lush, green oasis on the amenity terrace to serve the residents.

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FORT MILL, SC – TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Palmetto Place, a 184-unit Class-B apartment complex located in Fort Mill, SC. Fort Mill is located less than 20 miles from Charlotte, NC. Palmetto Place was built in 1996 and features one, two, and three-bedroom units with an average unit size of 965 square feet.
Steve Hagenbuckle, Founder and Managing Partner of TerraCap, said, “We are excited to expand our geography into South Carolina. Fort Mill embodies all the characteristics of our TerraCap thesis of investing in high-growth markets that our research shows offers affordability, high quality of life, and new investments in commerce, amenities, and retail. Palmetto Place is a bright representation of what is attractive in multifamily living.”
Palmetto Place is located in the York Countysubmarket of SC. York County has seen consistently rising rents since 2009 as well as falling vacancy since 2017. Fort Mill itself is one of the fastest growing cities in the United States according to the U.S. Census Bureau. With the area’s rapid population growth along with Palmetto Place’s below-market rents, the property already has value-add potential, which will be further enhanced through a premium renovation program.
“Fort Mill is an area that we’ve had our eye on for a while now. But, it’s a tough market to enter because there’s just not a lot of buying opportunities,” said Steve Excellent, TerraCap’s National Director of Acquisitions. “Palmetto is a fantastic fit for what we are looking for: centrally located, plenty of amenities at the property and immediate area, and a low supply market with barriers to entry. These factors, along with rising population growth, make it an ideal candidate for us. We’re excited for the opportunity to enter this market.”
Andrea Howard of NorthMarq represented the seller in the disposition. First Communities Management was hired by TerraCap as property manager.

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