Security Properties Acquires Anthology in Issaquah, WA

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Jan 06, 2020, 08:33 ET

SEATTLE, Jan. 6, 2020 /PRNewswire/ -- On December 27, 2019, Security Properties and Pacific Life purchased Anthology, a 398-unit Class-A new construction multifamily property located in Issaquah, WA for $163,250,000. Security Properties now owns over 120 assets totaling over 24,500 apartment units across its portfolio, including 5,600 units in the Puget Sound region.

Anthology is located in Issaquah, a highly desirable suburb east of Seattle. The area provides an ideal live-work-play location for residents, conveniently situated between Bellevue, Lake Sammamish, and various nature reserves. Issaquah is bisected by Interstate 90, providing residents with quick access to high-wage employment hubs nearby, including top employers like Microsoft, Amazon, and Costco, all of which are currently expanding. Additionally, because of the convenient Interstate-90 access, Issaquah has better commuting connectivity to downtown Seattle than many of the other Eastside suburbs.

Issaquah has grown substantially since 2000, nearly quadrupling its population, which is now almost 40,000. The area is affluent, with a median household income exceeding $100,000, and offers some of the top ranked schools in the region.

Anthology offers a market-leading amenity package, which includes a two-story clubhouse with game room, shuffleboard, billiards, conference room, fireplace lounge, and community kitchen. The asset also features a fitness center with yoga studio and bike room, outdoor pool with BBQs, 24/7 package access, bicycle storage, bicycle repair station, park with patio seating, and easy access to nature trails. Tenants are offered among the highest quality interior unit finishes, including stainless steel appliances with side-by-side door refrigerators, washer/dryers, subway tile backsplashes, marbled quartz countertops, flat-panel cabinets, wood-style plank flooring, balconies/decks, and 14+ foot ceilings in select units.

According to Davis Vaughn, Senior Director at Security Properties, "the opportunity to own scale off-market in Issaquah was something we could not pass up. The combination of outstanding schools, proximity to employment, and lack of future supply results in a dynamic location with long-term upside. As the most active Seattle area multifamily buyer in 2019, we remain very committed to the region and are excited to add this core asset to our portfolio."

The property will be managed by Security Properties Residential, an affiliate of Security Properties.

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 90,000 residential units at a cost of over $6.5 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 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.

About Pacific Life

For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2019 World's Most Ethical Companies® by the Ethisphere Institute. For additional company information, including current financial strength ratings, visit www.PacificLife.com.

Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2019 is compiled by Pacific Life using the 2019 FORTUNE 500^® list.

Media Contact:

Ed McGovern, 206.622.9900
[email protected]

SOURCE Security Properties