Security Properties Acquires Toscana Apartment Homes in Lacey, WA

SEATTLE, November 2, 2022 /PRNewswire/ — Active October 25, 2022Security Properties bought Tuscany residencesa Class A multifamily property positioned in Lacey, WA. Security Properties now owns 31 property totaling over 6,800 models in the Puget Sound market.

Tuscany is a Grade A, garden-style neighborhood, which was delivered in two phases between 2019 and 2021. The asset consists of 393 residence homes unfold over 6 four-story and 5 three-story residential buildings and a two-story clubhouse. The unit combine options a horny vary of ground plans with a mean unit dimension of 797 sq. ft. Unit inside options quartz counter tops, customized cabinetry, chrome steel or black home equipment, carpeted exhausting floor flooring in bedrooms, full dimension washer/dryer, 9 foot ceilings (vaulted high ground) and personal patios or decks in choose models. From an amenity perspective, the gated property gives a membership lounge, outside pool and scorching tub, health middle and on-property strolling path.

Originally established as a suburb of Olympia, City of Lacey positioned simply 5 miles east of the state capital on the southern tip of Puget Sound. With greater than 1,200 acres of public parkland, a 3,700-acre nationwide wildlife refuge, 5 freshwater lakes and several other championship golf programs, the town is finest characterised by its nearly limitless alternatives for outside recreation. The space additionally boasts a low crime charge, a wholesome economic system, and proximity to main metropolitan areas (~half-hour south of Tacoma).

At the property degree, entry to Interstate 5 is only one mile to the southeast, offering residents with direct entry south to the neighboring cities of Olympia AND Tumwaterin addition to north to Joint Base Lewis McChord and City of Tacoma. Retail-wise, Hawks Prairie Village Mall, a 154,000-square-foot procuring middle anchored by Safeway, is lower than 2 miles away. Several main retailers additionally encompass the mall, together with Costco, Walmart, Home Depot and Best Buy. Additionally, Cabela’s Sporting Goods is simply 2 minutes south on Gateway Blvd.

The marketing strategy is a long-term worthwhile funding with simple improve options. While the asset at present gives a best-in-class amenity bundle and well-appointed residential models, Security Properties has recognized a number of alternatives to additional spotlight this power. They additionally plan to handle a brief checklist of minor pressing wants for the property as wanted.

According to Alex GauperDirector at Security Properties, “Tuscany represented a unique opportunity to purchase a high-quality asset with a basis well below current replacement cost and in a submarket with excellent long-term fundamentals. We have been actively focused on growing our South Sound portfolio and in particular Lacey, a stable submarket with a diverse mix of demand drivers and very limited historical supply. We are very excited to add Tuscany in our Pacific Northwest portfolio and we look forward to delivering strong returns to our investors during our tenure.”

The property might be managed by Security Properties-affiliate Security Properties Residential.

About Security Properties

Security Properties is a nationwide actual property funding, improvement and operations firm headquartered in Seattle, Washington. For greater than 50 years, Security Properties has offered high quality housing for its residents, in addition to glorious monetary efficiency for its traders. Since its inception, Security Properties has acquired or developed over 83,000 residential models at a price of over 5.7 billion {dollars}. Security Properties maintains a centered multifamily technique supported by built-in groups of specialist acquisition, improvement, development, funding and property administration professionals. For extra info, go to www.securityproperties.com.

About Residential Property Security

Security Properties Residential is the property administration affiliate of Security Properties, designed to extend the worth of its actual property holdings by extra carefully managing its property. Operating all through the Western US, Security Properties Residential is dedicated to offering distinctive service to its residence communities and residents. Services embrace property administration, development and compliance companies that create constructive residing environments for residents and construct worth for patrons.

News media contact:
Ed McGovern206.628.8019
[email protected]

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