Security Properties acquired Martingale, a community of 240 units in Lacey, Washington, for $ 92 million. The seller was The Wolff Co.
Built in 2020, the Class A community offers studios, one and two bedroom units averaging 849 square feet and spread across 10 buildings. Most units were built with walk-in closets, washers and dryers, and patios or balconies, while some units have high ceilings, kitchen islands, carports, and garages. Martingale’s amenities include a fitness studio, conference room, community kitchen, outdoor lounge, and parcel lockers.
Located at 8675 Litt Drive SE, the community is across the street from Hawks Prairie Village Mall, a mall anchored by Safeway. Residents are also 5 miles east of Olympia and a short drive from the area’s many outdoor activities, including a wildlife refuge, public park, golf courses, and lakes. The community is 93% occupied, said Alex Gauper, director of Security Properties. Multi-dwelling news.
The Martingale acquisition follows another multi-family wallet purchase between the same two parties earlier this month. Security Properties acquired the portfolio of two properties in Edgewood and Everett, Washington, for nearly $ 200 million.
LONG TERM PLANS
As for Martingale, Security Properties views the acquisition as a long-term return investment where it will make small upgrades over time. According to the new owner, the community already has a solid set of amenities and well-designed units, but there are opportunities to emphasize some of the characteristics of the community.
Gauper said MHN that the upgrades will be very minor like adding a kitchen tile backsplash and under cabinet lighting to all units. Gauper added that there are immediate actions Security Properties will take, which are mostly basic wear items with minimum dollar values. The new owner also entrusts the management of Martingale to its subsidiary Security Properties Residential.
With its latest acquisition, Security Properties now owns 27 assets totaling over 5,900 units in the Puget Sound area. The company has been headquartered in Seattle for more than 50 years and continues to be optimistic about the prospects for future investment in high-quality, well-located communities in and around the Seattle subway, Gauper said. MHN. Gauper added that the region’s fundamentals show strong population growth and strong rental growth, while also having weak upcoming apartment deliveries and stable employment drivers.