SEATTLE, WA - Security Properties and a university endowment purchased Marq on Martin, a Class A multifamily property located in Lacey, WA for $54,500,000. Security Properties now owns 18 assets totaling over 4,000 units in the Puget Sound marketplace.
Marq on Martin was constructed in 2017 and consists of 248 units spread out across 10 residential buildings and 12.06 acres. The residential units are a mix of one and two-bedroom floorplans with an average unit size of 831 SF.
Originally established as a suburb of Olympia, the City of Lacey is situated just five miles east of the state's capital at the southern tip of the Puget Sound. With more than 1,200 acres of public parkland, an adjoining 3,700-acre national wildlife refuge, five freshwater lakes and several championship golf courses, the city is best characterized by its virtually unlimited opportunities for outdoor recreation. The area also boasts a low crime rate, a healthy economy and close proximity to major metropolitan areas (30 minutes south of Tacoma).
At the property level the site is ideally positioned just off of Martin Way, an arterial thoroughfare that runs through Lacey and connects into downtown Olympia. Access to Interstate 5 is less than one mile north providing residents direct access south to the neighboring cities of Olympia and Tumwater as well as north to Joint Base Lewis McChord and the City of Tacoma. Directly across the street sits the Hawks Prairie Village Mall, a 154,000-sq.-ft. shopping center anchored by Safeway. Several big box retailers also surround the mall including Costco, Home Depot, and Best Buy. This is the primary retail hub for Lacey and functions as the town center. Walkable retail should provide long term differentiation for this asset as this is a material competitive advantage within the market.
The business plan is a long-term yield investment with light upgrade characteristics. While the asset currently offers a best-in-class amenity package, Security Properties has identified a number of opportunities to further emphasize this strength. They also plan to address a short list of minor immediate needs on the property as necessary.
According to Davis Vaughn, Senior Director at Security Properties, "Marq on Martin fits our recent strategy of well-located, new-construction in secondary markets. We feel we have the best asset in Lacey, a stable market with very limited historical supply resulting in pen t up demand for high quality product. We look forward to generating strong cash-on-cash returns to our investors."
The property will be managed by Security Properties-affiliate Security Properties Residential.
Source: Security Properties / #Apartments #Multifamily