Seattle investment company Security Properties has purchased Beaumont Grand, a 267-unit, Class B multifamily property in Lakewood.
Security Properties acquired the property for $35,200,000. It was originally developed in 1995 and consists of 23 two- and three-story residential buildings over more than 11 acres. The property will now be managed by Security Properties-affiliate Madrona Ridge Residential; Security Properties’ current business plan includes investment in the modernization of resident common areas and amenity spaces. Additional major projects include a roof replacement and full exterior paint.
According to Davis Vaughn, director at Security Properties, the acquisition was made because “this was a basis buy for us in a submarket with zero supply. We believe in JBLM long term and like opportunities where we can come in significantly below replacement cost.
“With a low basis and value-add upside, we expect this acquisition to outperform the overall market and create value for our investors.”