Source: Security Properties / #Apartments #Multifamily
SEATTLE, WA - Security Properties and Cigna Investment Management purchased Soma Apartments, a 74-unit multifamily property located in Bellevue, WA for $28,000,000. The 2011 built asset also includes two street front retail spaces. This was Security Properties' third joint venture with Cigna Investment Management; SP now owns a total of 19 assets in the Seattle marketplace.
The property is located on Main Street, proximate to Old Bellevue and at the doorstep of Bellevue's growing Downtown Core. Soma offers residents convenient walkability to jobs, destination shopping, entertainment, restaurants and nightlife. The desirable urban location is paired with the asset's boutique size and serene living experience, a unique attribute in a submarket that is experiencing increased density.
The business plan is a moderate value-add. While the exterior asset offers lasting character in Downtown Bellevue, the 2011-vintage interior unit specifications provide an opportunity for functional and cosmetic upgrades. The business plan contemplates upgraded appliances, renovated back-splashes, new flooring and lighting in the kitchen-area and comparable upgraded finishes in bathroom areas.
According to Tad Johnson, Investment Manager at Security Properties, the acquisition was made because, "the core location, type-1 construction and boutique size make Soma a nearly irreplaceable asset. As Downtown Bellevue's already expansive employment base continues to swell, Soma is uniquely positioned to capitalize on the urban core's growth by offering residents walkability to jobs and amenities. Upon execution of our business plan, residents will benefit from an upgraded living experience."
The property will be managed by Security Properties-affiliate Madrona Ridge Residential.