Security Properties Acquires Insignia Apartments in Bremerton, WA

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Aug 01, 2018, 08:40 ET

SEATTLE, Aug. 1, 2018 /PRNewswire/ -- On July 31, 2018, Security Properties and a university endowment purchased Insignia, a 162-unit, newly constructed multifamily asset located in Bremerton, WA for $29,500,000. Security Properties now owns 19 assets totaling over 4,000 units in the Puget Sound marketplace.

Insignia is a 162-unit multifamily community located 2.5 miles north of downtown Bremerton. Delivered in early 2018, the residential units offer a mix of one- and two-bedroom floorplans with an average unit size of 877 SF.

Historically recognized as home to Kitsap Naval Base, Bremerton is gaining new attraction for its reasonably priced housing, emerging downtown, and easy commute. In 2017 Kitsap County introduced the "Fast Ferry," a passenger boat that runs from downtown Bremerton to downtown Seattle, dramatically shortening the commute across the water to just 30 minutes. In addition, downtown Bremerton is seeing a resurgence with a number of new hotels, restaurants, and redevelopments of boutique retailers and local businesses.

The asset represents a long-term yield investment with light exterior renovation characteristics. Notably, Security Properties will be adding a barbeque area, cabana with new patio furniture around the spa, package locker system, enhancing to the dog park, and an outdoor amenity space adjacent to the clubhouse.

Davis Vaughn, Senior Director at Security Properties says, "With the recent development in the downtown combined with the launch of the Fast Ferry, expanding into Bremerton was an easy decision for SP. With these exciting growth drivers, we look forward to delivering outstanding returns for our investors."

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 48 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 89,000 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.

News media contact:

Ed McGovern, 206.628.8019
[email protected]

SOURCE Security Properties