crefeed.com | Security Properties pays $28.75M for Seattle apartments

3/5/2008

Security Properties pays $28.75M for Seattle apartments

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Seattle, Wash.-based Security Properties Inc. has expanded its presence in Seattle with the acquisition of the Highcroft I and Highcroft II Apartments in Bellevue for $28.75 million. The seller was locally-based Andover Associates, according to King County tax records.

Kenny Dudunakis of Hendricks & Partners brokered the transaction.

The apartment community is located at 1501 145th Place SE and 14000 & 14020 SE 13th Place. The 102-unit Highcroft I and the 92-unit Highcroft II were built between 1980 and 1982. Andover Associates purchased Highcroft II in 1989 for $3.9 million. Security Properties plans to invest in extensive renovations to the property's interior and exterior.

Late last year, Security Properties acquired a three multi-family portfolio in the Greater Seattle area for $57.5 million. The firm purchased a total of 564 units in the transaction.

Address: 1501 145th Place SE & 14000 & 14020 SE 13th Place, Bellevue, Wash.

Size: 194 units

Built: 1980-1982

Filed Under: Multi-Family

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