DUPONT, WA - Security Properties purchased Clock Tower Village, a 188-unit, Class A multifamily property located in DuPont, WA for $30,000,000. The asset was purchased through two Security Properties Multifamily Funds.
Clock Tower is located south of Tacoma in the master planned community of DuPont, which is anchored by a walkable retail center with many shops and restaurants. The City of Dupont offers a great lifestyle for families as it has one of the lowest crime rates in the state along with easy access to numerous parks and lakes. DuPont is home to nearly 10,000 residents and has a median area income of over $83,000. The area's biggest employer is the nearby Joint Base Lewis McChord, the largest military base on the west coast with over 50,000 military and civilian employees. Additional employment drivers in DuPont include a new $100M Amazon Fulfillment Center and a State Farm operations campus with over 1,000 jobs. Additionally, downtown Tacoma and downtown Olympia are within 20 minutes.
The subject, a high quality Class A project, was built in two phases in 1997 and 2005. The floorplans are large and well–designed, with an average square footage of 1,045. All units include a garage in their building, plus the ground floor units are direct access. The property has been very well maintained and features extensive green landscaping and a location adjacent to both a park and the downtown retail core.
This investment has a value-added component as well. As part of the investment plan, the existing clubhouse will be repurposed to a leasing office, vinyl plank floors will be added to the ground floor units, and the phase one units will receive a light renovation.
According to Davis Vaughn, Investment Manager at Security Properties, the acquisition was made because, "DuPont has an outstanding quality of life, high incomes, and major durable employment drivers, yet the pricing is not nearly as competitive as other second ring submarkets. Walkable retail in a suburban setting, combined with large units with garages that cater to families, make Clock Tower the top asset in its submarket. We expect this acquisition will create value for our investors."
The property will be managed by Security Properties affiliate Madrona Ridge Residential.
Source: Security Properties / #Apartments #Multifamily