SEATTLE, WA – A partnership between Security Properties and an affiliate of Rockwood Capital closed on the acquisition of Midtown 64 in an off-market transaction. Midtown 64 is a newly constructed 365-unit Class A mid-rise asset located in Kent, WA.
The property consists of 5 residential buildings and one clubhouse spread across 10 acres. Unit interiors include 9-foot ceilings, fully-appointed kitchens with quartz countertops, stainless steel appliances, full-sized washer/dryers, AC ports, walk-in closets, and either a private deck or patio. Additionally, the property features a clubhouse and resident lounge with fitness center, outdoor pool, BBQ area, fire pits, yoga studio, art studio, game lounge, rooftop deck, dog park, dog wash, bike room, playground, and bocce ball court.
Midtown 64's unique location provides residents with convenient access to numerous regional job hubs in multiple directions, as well as plentiful retail amenities within the immediate area. Within a 5-minute drive to the south is Kent Valley, the region's largest advanced manufacturing, aerospace, and distribution corridor with an employment base in excess of 250,000. Kent Valley is home to more than 10,000 businesses including Amazon, Boeing, Blue Origin, and Alaska Airlines. To the north are Seattle-Tacoma International Airport and Renton, which are home to approximately 20,000 jobs each. Bellevue and Downtown Seattle's tech corridors are also easily accessible with nearly 400,000 jobs total.
Residents benefit from a plethora of transit options, providing access to employment hubs. The site is located within a 5-minute drive of Kent Station's Sounder Commuter Rail, Interstate 5's onramp at State Route 516, as well as State Route 167, which connects with Interstate 405. Tenants also enjoy proximity to the retail district anchored by Kent Station, a 470,000 square-foot open-air shopping center featuring more than 60 shops and restaurants. Additionally, Kent's largest grocer Safeway, is located just a block from the property.
Accessibility will be further enhanced when Sound Transit's Link Light Rail extends its service south to Kent/Des Moines station, located adjacent to the I-5 and State Route 516 intersection.
According to Davis Vaughn, Senior Director of Acquisitions at Security Properties, "Midtown 64 presented the opportunity to buy one of the top assets in the growing submarket of Kent which has had extremely limited supply delivered the past few decades. By being able to offer residents high-quality product in a location so proximate to jobs, Midtown 64 is well-situated for long term growth. By adding this asset to our portfolio, we look forward to continuing to establish Security Properties as the leading owner-operator in the Pacific Northwest."
"The Puget Sound continues to be one of the nation's most dynamic economic stories, and we are excited to acquire a high-quality multifamily project in an evolving location within the market," said Matthew Friedman, Managing Director at Rockwood Capital.