Security Properties JV makes second purchase, pays $104m for multifamily property in Seattle

A joint venture between Security Properties and STARS REI purchased 624 Yale, a trophy type-one midrise style multifamily property located in Seattle's South Lake Union neighborhood for $104 million.

This will be the second asset for this partnership, following the acquisition of Augusta Apartments in the University District near the University of Washington in 2019. Security Properties now owns 113 assets totaling approximately 22,500 units across its portfolio. This includes 30 properties and more than 6,400 units in the Seattle/Tacoma/Bellevue MSA.

624 Yale was completed in 2018 and consists of 206 residential units spread across two connected buildings. The property also features ~1,942 square feet of ground-level retail space. Floorplans consist of studios, one- and two-bedroom units averaging 711 square feet. Unit interiors consist of white or light brown cabinets, stainless steel appliances, quartz countertops, hardwood flooring, double- and triple-paned windows