SEATTLE, WA – Properties and Pacific Life bought Anthology, a 398-unit Class-A new construction multifamily property located in Issaquah, WA for $163,250,000. Security Properties now owns over 120 assets totaling over 24,500 apartment units across its portfolio, including 5,600 units in the Puget Sound region.
Anthology is located in Issaquah, a highly desirable suburb east of Seattle. The area provides an ideal live-work-play location for residents, conveniently situated between Bellevue, Lake Sammamish, and various nature reserves. Issaquah is bisected by Interstate 90, providing residents with quick access to high-wage employment hubs nearby, including top employers like Microsoft, Amazon, and Costco, all of which are currently expanding. Additionally, because of the convenient Interstate-90 access, Issaquah has better commuting connectivity to downtown Seattle than many of the other Eastside suburbs.
Issaquah has grown substantially since 2000, nearly quadrupling its population, which is now nearly 40,000. The area is affluent, with a median household income exceeding $100,000, and offers some of the top ranked schools in the region.
Anthology offers a market-leading amenity package, which includes a two-tale clubhouse with game room, shuffleboard, billiards, conference room, fireplace lounge, and community kitchen. The asset also features a fitness center with yoga studio and bike room, outdoor pool with BBQs, 24/7 package access, bicycle storage, bicycle repair station, park with patio seating, and simple access to nature trails. Tenants are offered among the highest quality interior unit finishes, including stainless steel appliances with side-by-side door refrigerators, washer/dryers, subway tile backsplashes, marbled quartz countertops, flat-panel cabinets, wood-style plank flooring, balconies/decks, and 14+ foot ceilings in select units.
According to Davis Vaughn, Senior Director at Security Properties, “the opportunity to own scale off-market in Issaquahwas something we could not pass up. The combination of outstanding schools, proximity to employment, and lack of future supply results in a dynamic location with long-term upside. As the most active Seattle area multifamily buyer in 2019, we remain very committed to the region and are excited to add this core asset to our portfolio.”
The property will be managed by Security Properties Residential, an affiliate of Security Properties.

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LAS VEGAS, NV – San Diego-based Tower 16 Capital Partners has successfully sold Altura on Tropicana, a 512-unit multifamily project in Las Vegas, after an 18 month hold period. Tower 16 had originally bought the property for $50 million in June 2018 and invested over $4.0 million in capital improvements during their hold period.
Altura on Tropicana provided us with an incredible opportunity to do a right value-add repositioning strategy and capitalize on the strong Las Vegas apartment market,” said Tower 16 Principal Tyler Pruett. The property’s new ownership will continue with the repositioning strategy at the project.
Tower 16 has amassed a portfolio of close to 2,000 apartment units since first entering the Las Vegas market in April 2018. “While the sale of Altura on Tropicana represents a large disposition for Tower 16, we are still fundamentally bullish on the Las Vegas apartment market,” added Tower 16 Principal Mike Farley, “In fact, I reckon you will see us continue to buy apartment projects opportunistically for the foreseeable future.”
Altura on Tropicana Apartments is located at 6255 W. Tropicana Ave, within a few miles of the Las Vegas Strip in the Spring Valley submarket. It includes 512 oversized one-, two-, and three-bedroom apartments and townhomes. Community amenities include three swimming pools, two spas, a leasing office, and outdoor amenity area.
Real estate brokers Angela Bates, Curt Allsop and Vittal Ram of Newmark Knight Frank represented Tower 16 in the transaction.

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RICHMOND, VA – McCann Realty Partners and its joint venture partner, Angelo, Gordon & Co., L.P., announced the acquisition of two multifamily communities (totaling 853 units) in Richmond, VA.
Built in 1989, Trails at Small Pump Apartment Homes is a 350-home, three-tale, suburban-garden community offering residents high quality amenities, including a swimming pool, dog park, walking trails, game room and tennis courts, all situated in a low-density setting on 32 acres. It is located at 3900 Acadia Lane on Three Chopt Road adjacent to and south of West Broad Village. The property benefits from its proximity to the Whole Foods anchored West Broad Village and surrounding Small Pump retail centers, and also has fantastic connectivity to nearby schools and major employment centers such as Innsbrook and West Creek. The property will be managed by Atlanta-based Pegasus Residential.
Built in three phases between 1978 and 1984, Villages at West Laurel Apartments & Townhomes is a 503-home, suburban-garden and townhome community offering residents a variety of floorplans, including townhomes, in a low-density setting on over 42 acres. Community amenities include two swimming pools, dog park, sports court and a 24-hour fitness center. Located at 5541 Olde West Court, just off Hungary Spring Road between Parham and Staples Mill, the property’s location offers residents close proximity to an abundance of shopping centers, employment nodes, schools and hospitals. The property will be managed by Atlanta-based Pegasus Residential.
The joint venture will invest capital to upgrade unit interiors and amenities across both properties. Unit upgrades will include new appliances, cabinet upgrades, flooring upgrades and granite countertops. Amenities will be enhanced through the renovation of the clubhouses, fitness centers, pool areas, and the addition of outdoor entertainment and seating areas.
“Our team is looking forward to executing our business plot,” said Thomas Upson, Managing Director at McCann. “The renovation of Trails at Small Pump and Villages at West Laurel will provide residents with a fantastic living experience in both Henrico submarkets.”
“We are pleased to buy more assets in the growing and vibrant Richmond market,” said Matt Akin, President of McCann. “Both of these properties fit our value-add strategy with near-term opportunities to significantly improve the properties to enhance the lifestyles and living experiences of the residents and surrounding areas. We are excited to work with Angelo Gordon on our first transaction together and we look forward to growing our partnership with them.”

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