SEATTLE, WA - Security Properties announced the purchase of Trax, a 178-unit property built in 2012 and located in DuPont, WA for $32,250,000.
The property was originally developed in 2012 and consists of 178 residential units and 10,835 sf of ground floor retail space. The 178 units are spread between two garden-style buildings, a two-story townhome building, and two podium-style buildings, on 4.37 total acres. The property is located in the DuPont, WA proximate to the South Sound's I-5 corridor.
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. The area's biggest employer is the nearby Joint Base Lewis McChord, the largest military base on the west coast. Additional employment drivers in DuPont include Amazon's Fulfillment Center and a State Farm operations campus. Additionally, downtown Tacoma and downtown Olympia are within 20 minutes.
According to Tad Johnson, Investment Manager at Security Properties, the acquisition was made because, "the market fundamentals in DuPont are strong and this asset is best in class. DuPont offers an attractive quality of life and is proximate to major durable employment drivers – notably JBLM. We expect this acquisition will create value for our investors with new management and thoughtful capital execution."
The property will be managed by Security Properties Residential.
Since its founding, Security Properties has acquired or developed over 83,000 residential units at a cost of over $5.7 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists.
Source: Security Properties / #Apartments #Multifamily