Security Properties and Intercontinental Real Estate Acquire 289-Unit Echo Lake Apartments

Security Properties and Intercontinental Real Estate Acquire 289-Unit Echo Lake Apartments

SEATTLE, WA - Security Properties and Intercontinental Real Estate Corporation purchased Echo Lake Apartments, a 289-unit apartment property with 8,999SF of retail built in 2009 and located in Shoreline, WA. Security Properties now owns a total of 18 assets in the Puget Sound region.  The asset was purchased in the fourth joint venture between Security Properties and Intercontinental.

Echo Lake Apartments are located in the Seattle suburb of Shoreline, WA. The community offers convenient access to major employment, transportation, retail and recreation. Twenty minutes south of Echo Lake is Seattle's Central Business District, the Pacific Northwest's largest employment center accounting for over 300,000 jobs. Twenty minutes to the north sits Boeing's Everett Factory. The factory employs over 40,000 workers and produces Boeing's large aircraft, 747s, 767s, 777s and the new 787 Dreamliner.

The location offers a wide range of transportation options as mass transit, SR 99 and I-5 are all easily accessible. The site is located directly on the rapid ride "E Line", neighboring the Shoreline Park & Ride and blocks from the Aurora Village Transit Center. Echo Lake is also adjacent to SR 99 and a 5-minute drive to I-5, offering direct routes north to Everett and south into the Seattle CBD. Additionally, the future Shoreline Light Rail Station site is less than 5 minutes southeast of the property.  

The property is situated in a unique setting along the shores of Echo Lake. Immediately next to the resident clubhouse lies the 12-acre Echo Lake Park with expansive green space, boating, fishing, picnic areas, and a lake trail that connects into the 24-mile Interurban Trail.

Living at Echo Lake also provides residents access to Shoreline's top performing schools. The highly desired Shoreline School District is rated 9/10 by and #10 on the 2017 list of Best School Districts in Washington.

According to Davis Vaughn, Director at Security Properties, the acquisition was made because, "Echo Lake Apartments falls right in line with our strategy of buying in the best micro-location in a submarket.  With direct access to Echo Lake Park, this asset has a significant competitive advantage in its setting over other apartments in the area.  Once we execute our business plan, we will be able to fully capitalize on the location by offering renters a high-end product adjacent to a lake that will be unmatched in Shoreline."

According to Jessica Levin, Senior Director, Acquisitions for Intercontinental, "Seattle is a dynamic market and we are excited about the employment drivers in the area. Upon the execution of our business plan, residents will benefit from an upgraded living experience with premier access to nearby retail, leisure and recreational amenities. This compelling combination makes Echo Lake Apartments an excellent long term investment for our investors."

Allen Logue, Associate Director, Acquisitions for Intercontinental added, "Intercontinental is excited to expand its Seattle area portfolio with our sixth acquisition. Echo Lake Apartments benefits from a 'first ring' suburban location exhibiting strong market fundamentals and close proximity to major arterials and public transportation nodes."

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

Source: Security Properties / #Apartments #Multifamily

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