Pierce County apartment property part of package sale totaling nearly $200M
Seattle-based Security Properties recently announced its purchase of an Edgewood apartment site in another example of Pierce County’s recent run of high-priced real estate transactions.
207 East, located at 207 Meridian Ave. E. and built in 2020, was purchased from an LLC representing The Wolff Company of Scottsdale, Arizona.
The purchase price was $122 million, county records showed.
The deal included the purchase of the Helm Apartments in Everett, also built in 2020, for a combined total of $198.75 million for the two properties.
In its announcement, Security Properties described Edgewood as “a region that has greatly benefited from domestic migration in recent years, as residents look to escape the high cost of living in neighboring markets to the north.”
“These were a fit, as a specific target for us has been buying higher quality, newer assets in secondary locations that have historically been undersupplied,” said Davis Vaughn, senior director at Security Properties, in the Dec. 15 release. “We look forward to creating value for our investors by being able to offer a superior product and resident experience to the markets these assets serve.”
207 East is listed on Wolff’s website with 292 units. The apartment’s website lists amenities including clubhouse lounges with fireplaces, community kitchen with espresso bar, fitness studio, yoga studio, pool and spa, game room with billiards and more.
The site offers 1-, 2- and 3-bedroom apartments with units ranging from 626 to 1,228 square feet. Rent estimates are not publicly listed.
Security Properties, a national real estate investment, development and operating company, owns more than 27,553 apartment units across its portfolio, including 7,850 units in the Puget Sound region.
Multifamily real estate in Pierce County has seen some of the biggest property transactions this year. Among recent ones:
▪ The Avery on Pearl (renamed 1202 Pearl) in Tacoma sold in October for $98 million to LA-based investment firm TruAmerica Multifamily.
▪ Townhomes at Mountain View with properties in Puyallup and Sumner, sold in October for $105 million to LA-based Oaktree Capital Management.
▪ The Village on Main at Point Ruston sold in August for $85.5 million to MG Properties Group of San Diego.
This story was originally published December 16, 2021 at 12:51 PM.
