SEATTLE--(BUSINESS WIRE)--Security Properties Inc., one of the largest multifamily real estate owners in the country, today announced that it finished 2011 with a series of transactions totaling $244 million, including the execution of 10 acquisitions representing 1,234 units at gross acquisition price of $131 million, and 11 dispositions representing 1,777 units at gross sales price of $113 million.
Among these transactions, Security Properties purchased Timber Ridge, a 238-unit property located in Portland, Oregon, for $39.5 million. Timber Ridge is located within easy access to major area employers, including Nike’s headquarters, Intel, and Kaiser Westside Medical Center (slated to open in early 2013). Security Properties also purchased the 154-unit age-restricted Claremont Villas in Claremont, California for $15.3 million, and sold the 460-unit La Vista apartment complex in Santa Maria, California for $42 million.
“The Timber Ridge property is a great asset and is complemented by the Timberland master-planned community, which will grow to include a retail center and a new elementary school,” said David Dufenhorst, chief investment officer for Security Properties. Completed in 2010 by Polygon Northwest, this transaction also marked a new joint venture between Security Properties and a new equity partner based on the east coast. The property is being managed by Madrona Ridge Residential.
The Claremont Villas property is located along a main thoroughfare that leads to downtown Claremont and is within walking distance of a retail center and a Metrolink stop that services a rail line connecting Los Angeles, Orange, Riverside and San Bernardino Counties.
Security Properties completed the sale of the La Vista apartments – to Kennedy Wilson - in December 2011. The proceeds from the sale are being exchanged into other transactions, including the purchase of the Claremont Villas.
“As we look to increase our focus on the West Coast and the Pacific Northwest in particular, we’re excited to grow our portfolio with projects like Timber Ridge and Claremont Villas as we expect they will provide great returns,” said Dufenhorst.
About Security Properties
Seattle-based Security Properties is a national real estate investment and operating company with more than 40 years of expertise in affordable and market-rate multifamily rental housing. For more information, visit www.securityproperties.com.