Security Properties purchased SKY Sammamish Apartments, a 159-unit multifamily property built in 2018 and located in Sammamish, Washington, for $70,250,000. Security Properties now owns 28 assets and over 6,400 units in the Greater Seattle marketplace.
Sammamish ‒ a highly desirable suburb east of Seattle situated between Bellevue, Redmond, and Issaquah ‒ offers an irreplaceable combination of top tier school districts, access to local employers and proximity to some of Washington’s most desirable nature. While its population has grown quickly over the past 20 years, the city has historically been, and is forecasted to continue, being one of the most supply insulated submarkets in the entire Seattle metropolitan area. This has caused the barrier to entry to be extremely high, with median home values exceeding $1.6 million. Consequently, the median household income in Sammamish is about $215,000 higher than any other US city with a population over 50,000.
The business plan is a core-plus investment with moderate upgrade characteristics. While the asset currently offers a best-in-class amenity package and well-appointed living units, Security Properties has identified several opportunities to further emphasize these strengths.
According to Alex Gauper, Senior Director at Security Properties, the acquisition was made because, “SKY Sammamish is a prime example of our firm’s investment thesis of identifying newer-vintage assets in markets with high barriers to entry and a diverse mix of stable drivers. We feel that we have the best asset in a submarket with a very limited historical supply, excellent schools, and strong demand for high-quality housing. The Issaquah and Sammamish submarket has been a strong performer for us for many years and we are excited to add to our existing portfolio in the area.”
The property will be managed by Security Properties-affiliate Security Properties Residential.
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 50 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 108,000 residential units at a cost of over $11.8 billion across more than 650 assets. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists.
Security Properties Residential is the affiliated property management firm of Security Properties, created to increase the value of its real estate holdings by more closely managing its assets. Operating throughout the Western United States and select markets, Security Properties Residential is committed to delivering exceptional service to its apartment communities and residents. Services include property, construction, and compliance management services that create positive living environments for residents and build value for clients.
