PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $35.2 million sale of Beaumont Grand, a 267-unit, garden-style multi-housing community in Lakewood, Washington.
HFF marketed the property exclusively on behalf of Grand Peaks Properties and its finance partner, Pacific Coast Capital Partners. Security Properties purchased the asset free and clear of existing debt.
Beaumont Grand is located at 8504 82nd Street SW in Lakewood within proximity to several of Pierce County’s largest employment drivers, including the Port of Tacoma and Joint Base Lewis-McChord, a U.S. military installation supporting more than 66,000 jobs. The property is situated to the west of Interstate 5, which provides easy access throughout the entire Seattle-Tacoma-Bellevue MSA. Beaumont Grand offers spacious one-, two- and three-bedroom floor plans with fireplaces and full-size washers and dryers. Additional community features include a resident lounge, mini movie theater, basketball court and fitness center. The property is 95 percent leased.
The HFF investment sales team was led by managing director Ira Virden and director Chris Ross.
About Grand Peaks Properties: Strategically headquartered in Denver, Colorado, Grand Peaks Properties (Grand Peaks) is a fully integrated apartment management company specializing in all aspects of multifamily management from luxury to tax credit communities. Grand Peaks excels in the management, marketing and lease up of apartment communities, with acquisition, disposition and redevelopment consulting expertise.
About PCCP, LLC: PCCP, LLC (PCCP) is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed over $12 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About Security Properties: Security Properties is a national real estate investment 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 more than 80,000 residential units at a cost of over $4 billion. Security Properties maintains a focused multifamily strategy supported by integrated teams of professional acquisition, development, construction, investment and property management specialists. For more information, visit www.securityproperties.com.
About HFF: Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.