Security Properties acquires SKY Sammamish Apartments in Washington state for $70m

Security Properties has acquired SKY Sammamish, a 159-unit multifamily property built in 2018 and located in Sammamish, Wash., for $70.25 million.

SKY Sammamish is located along 228th Avenue, with access to both Interstate 90 (to the south) as well as SR-202 (to the north). The property was developed as a phase of the expanding Sammamish Town Center, a multi-phase, mixed-use development project that will serve as the new town center for Sammamish. The property is the only housing located within the town center development and sits adjacent to a variety of commercial spaces, retail and food options. Most notably, the site is adjacent to Metropolitan Market, an upscale Seattle-based grocery chain.

The business plan is a core-plus investment with moderate upgrade characteristics. While the asset currently offers a best-in-class amenity package and well-appointed living units, Security Properties has identified several opportunities to further emphasize these strengths.