SEATTLE, WA -Security Properties bought Villas at Kennedy Creek, a Class A townhome-style multifamily property located in Tumwater, WA for $28,150,000. Security Properties now owns 120 assets totaling approximately 24,000 units across its portfolio. This includes over 5,000 units in the Puget Sound marketplace.

Villas at Kennedy Creek was originally constructed in 2008 and consists of 118 units spread out across 16 residential buildings and approximately 12 acres. The community boasts some of the largest townhome-style floorplans in the entire submarket with an average unit size of 1,156 square feet. Additionally, 98% of units include a private garage, either single space or tandem. Unique to a property of this size, the community also offers a market leading amenity package complete with a 5,000 square foot resident clubhouse.   

The community is located in Tumwater, a highly desirable suburb of Olympia. The site fronts Trosper Road SW, a primary arterial that offers tenants direct access to downtown Tumwater along with Interstate 5 on-ramps, both within one mile of the site. From there, tenants are able to conveniently access downtown Olympia and neighboring Lacey within a 10-minute drive. The submarket continues to benefit from sustained growth and tenant demand due to its diverse group of stable employment drivers, affordable cost of living, proximity to area amenities/recreation and overall high quality of life. While state and local government continue to anchor the area’s employment landscape, Thurston County is also experiencing an expanding employment base in the healthcare, distribution, military and education sectors.  

The business plot is a longer-term yield investment with light upgrade characteristics. Security Properties will be renovating unit interiors with upgraded flooring and appliances, among other items, along with making strategic improvements to the community’s amenity package. 

According to Alex Gauper, Investment Manager at Security Properties, “the acquisition of Villas at Kennedy Creek represented a unique opportunity for our firm to buy the top asset in a submarket with brilliant fundamentals. With very limited future apartment supply plotted, we expect Villas to maintain its market position for the foreseeable future, especially once our value-add enhancements are completed. Given the asset’s distinct competitive advantage in terms of its low-density site plot, townhome-style floorplans, private garages and extensive amenity package, we look forward to generating strong returns for our investors.” 

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

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OAKLAND, CA – CIM Group announced that it has topped out construction of 1150 Clay, a 16-tale, 288-unit apartment building in downtown Oakland located between 11th and 12th Streets. The building is anticipated to be complete in Spring 2020.

CIM Group brings its long-standing development and operational expertise to the development of 1150 Clay, considered to be an integral piece of the evolving downtown fabric designed to enrich the neighborhood with new residences, community-serving retail, and public spaces.

“With 1150 Clay, CIM is helping to serve the needs for new housing in a transforming neighborhood, centrally located near transportation,” said Avi Shemesh, Co-Founder and Principal, CIM Group. “Also in Oakland, CIM is under construction of apartments at Jack London Square, adding residences to the mixed-use environment where residents can delight in the retail, restaurants, and entertainment offerings fronting San Francisco Bay. Together, CIM’s two developments will deliver approximately 600 new residences to Oakland next year.”

1150 Clay will offer modern residences ranging from studio to three-bedroom floorplans, fitted with contemporary finishes. A key feature for residents will be a large rooftop deck offering expansive Bay and city views. The deck will be a comfortable gathering place with ample lounge areas with fire pits and a heated and partially-covered dining area with barbeques. 1150 Clay will also provide residents with a fitness center, lobby coffee bar, conference rooms, shared working spaces, and bicycle storage.

1150 Clay will also bring approximately 4,000 square feet of street level retail space featuring 20-foot ceilings and a large outdoor patio as well as an adjacent 17,000-square-foot public plaza fronting 12th Street. The retail and plaza will engage the public offering greater pedestrian connectivity and experiences including the plaza’s half-basketball court and locally-sourced, specialty food and beverage retailers operating from shipping containers set within the lushly landscaped, park setting.

The property has a central location in a walkable neighborhood near many Oakland office buildings as well as transportation. 1150 Clay is immediately adjacent to the 12th Street BART Station and is also convenient to the area’s major regional transportation corridors including I-880 and I-80 connecting to San Francisco and Berkeley, and I-580 and State Route 24 to the East Bay.

CIM has been involved in the Greater Bay area since 2001, with CIM’s first Oakland acquisition taking place in 2007. Currently in the Uptown District of downtown Oakland, CIM is completing the construction of Uptown Station, a redevelopment of a former department store into a 355,000-square-foot office building leased by Square. CIM also recently topped out construction of an eight-tale, 333-unit apartment building at 40 Harrison in Jack London Square where the company owns multiple properties across 12-acres of this Bayfront mixed-use business and entertainment destination.

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ATLANTA, GA – Miami, Florida-based Atlantic | Pacific Companies (A|P) is pleased to announce the acquisition of City View Apartments in Atlanta, Ga. The property marks A|P’s second acquisition within the company’s third private equity fund, Blue Atlantic Partners Fund III (BAP III).

City View Apartments holds right to its name as it boasts an expansive view of the Atlanta skyline. The community has a walkability score of 85, and is conveniently located in the trendy Ancient Fourth Ward neighborhood, near well loved hubs such as Inman Park, the Atlanta Beltline, and Small Five Points. Additionally, it offers simple access to public transportation, major interstates (including I-75, I-85, and I-20) and some of Atlanta’s top job centers like Downtown, Midtown, and the Eastside Beltline Trail.

The 240-unit, four-tale residential property offers a mix of studio, one, and two-bedroom floorplans ranging from 694 square feet to 1,304 square feet.  The community has amenities such as a pet spa, fitness center, media room, virtual concierge, and a CVS Pharmacy on the first floor. Atlantic | Pacific Management (A|P Management), the property leasing & management platform under A|P, will handle all property management responsibilities. A|P plans a multi-million dollar renovation program at the property including quartz countertops, amenity enhancements, a rooftop deck with skyline views, among many others. 

“We are excited to add City View to our growing Atlanta portfolio,” remarked Brett Duke, Senior Managing Director at Atlantic I Pacific Real Estate Group. “This acquisition is a prime example of our strategy to buy properties in superior locations at a discount to replacement cost,” he concluded.

With the buy of City View, A|P now has 21 properties in metro-Atlanta, totaling just under 5,500 units.

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