SEATTLE, WA - Security Properties purchased Eagle Pointe, a 141-unit affordable multifamily property in Spokane Valley, WA for $12,850,000. Eagle Pointe is a garden-style community comprised of family units that are income restricted. The property was originally developed in 1997 utilizing Low-Income Housing Tax Credits (LIHTCs) from the Washington State Housing Finance Commission (WSHFC). A Regulatory Agreement tied to that original source of financing deed restricts the property as affordable housing through 2028.
Security Properties is excited about the addition of Eagle Pointe to its growing Pacific Northwest portfolio that currently consists of nearly 7,500 units. The multifamily market fundamentals in Spokane County continue to trend in a positive direction as the attractive cost of living relative to other major PNW cities continues to attract new businesses and residents while the supply of new multifamily housing has lagged behind demand. "This acquisition increases our already strong investment in the Spokane County market, and allows us to preserve this high-quality affordable housing community for the next 10 years," states Bryon Gongaware, Managing Director of the Affordable Housing Group for Security Properties.
CBRE Capital Markets provided a 10-year term fixed-rate loan on the property. "It was a pleasure working with Security Properties to finance the acquisition of this property. We are particularly pleased to play a role in preserving much needed affordable units within this submarket," notes Jim Flinn, Senior Vice President of CBRE Capital Markets.
The property will be managed by Security Properties Residential, an affiliate of Security Properties.
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 47 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 80,000 residential units at a cost of over $4 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists.
The property will be managed by Security Properties-affiliate Security Properties Residential.