Seattle, WA, March 31, 2020 --(PR.com
)-- On March 19, 2020, Security Properties, a national real estate investment, development, and operating company, and Tokyu Land US Corporation, a fully-integrated real estate investment and development firm, purchased Westview Village, a 120-unit, Class-B multifamily community located in Renton, WA for $34,350,000. This is Security Properties' 25th asset in the Seattle MSA and Tokyu Land’s fourth.
Westview Village is located in the Benson Hill neighborhood of Renton, within the Seattle MSA. The property is surrounded by amenities, both in the property’s micro-location as well as in the Renton submarket. The property is conveniently located within short walking distance from numerous retail amenities centered around the intersection of Benson Dr. S and SE Petrovitsky Rd. The site is adjacent to a Fred Meyer grocery store and within a 5-minute walk of numerous other popular retailers.
From an employment standpoint, the site is only 5 minutes from the Valley Medical Center, the largest nonprofit healthcare provider between Seattle and Tacoma. Additionally, the property is a 15-minute drive from the Landing, a regional shopping destination that features over 600,000 square feet of retail space, shops, restaurants and a movie theater. With easy access to State Route 167 and Interstates 5 and 405, the site also offers its residents convenient access to the region’s major employment hubs.
The community includes a mix of one, two and three bedroom units all offering full-size washer/dryers, wood burning fireplaces and either a private deck or patio. From an amenity perspective, the property offers a clubhouse with resident lounge/kitchen, fitness room and outdoor spa.
According to Alex Gauper, Investment Manager at Security Properties, the acquisition was made because, “Renton provides an excellent value proposition for those looking for convenience. With quick job access to both Seattle and the Eastside combined with very limited future apartment supply planned, we expect Westview to be a strong addition to our portfolio.”
Nobuhide Kashiwagi, president of Tokyu Land US, said, “Westview Apartments is a great addition to our portfolio of garden style communities in Seattle. The previous ownership has been a great steward of the property over the past 30 years, and we are looking forward to building upon their legacy with this asset.”
The property will be managed by Security Properties-affiliate Security Properties Residential.
About Security Properties
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 83,000 residential units at a cost of over $5.7 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com
About Tokyu Land US Corporation
Tokyu Land US Corporation is a subsidiary of Tokyu Land Corporation, a fully-integrated real estate development and investment company in Japan that operates an urban development business, a residential business, a wellness business, and other overseas businesses. Tokyu Land US Corporation has offices in Los Angeles and New York, and current investments in multifamily and office properties in New York, Georgia, Washington D.C., Texas, California, Washington, and Oregon.
About Security Properties Residential
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 U.S., 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.