Seattle Company Buys Echo Lake Apartments in Shoreline

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The Editors's picture
Seattle company buys Echo Lake Apartments in Shoreline, Washington

A Seattle company has bought the Echo Lake Apartments, a 289-unit apartment complex in Shoreline, Washington, according to a release.

Security Properties and Intercontinental Real Estate Corporation ("Intercontinental") announced the purchase of the property, which also has almost 9,000 square feet of retail built in 2009.

This brings Security Properties holding to 18 assets in the Puget Sound region.  The asset was purchased in the fourth joint venture between Security Properties and Intercontinental.

"Echo Lake Apartments falls right in line with our strategy of buying in the best micro-location in a submarket,” Davis Vaughn, Director at Security Properties, said in the release.

“With direct access to Echo Lake Park, this asset has a significant competitive advantage in its setting over other apartments in the area.  Once we execute our business plan, we will be able to fully capitalize on the location by offering renters a high-end product adjacent to a lake that will be unmatched in Shoreline," Vaughn said.

Apartments close to employers

Echo Lake Apartments, in the Seattle suburb of Shoreline, offers convenient access to major employment, transportation, retail and recreation. Twenty minutes south of Echo Lake is Seattle's Central Business District, the Pacific Northwest's largest employment center accounting for over 300,000 jobs. Twenty minutes to the north sits Boeing's Everett Factory. The factory employs over 40,000 workers producing Boeing’s largest aircraft, according to the release.

The location offers a wide range of transportation options as mass transit, SR 99 and I-5 are all easily accessible. The site is located directly on the rapid ride "E Line", neighboring the Shoreline Park & Ride and blocks from the Aurora Village Transit Center. Echo Lake is also adjacent to SR 99 and a 5-minute drive to I-5, offering direct routes north to Everett and south into the Seattle CBD. Additionally, the future Shoreline Light Rail Station site is less than 5 minutes southeast of the property, according to the release.

The property is situated in a unique setting along the shores of Echo Lake. Immediately next to the resident clubhouse lies the 12-acre Echo Lake Park with expansive green space, boating, fishing, picnic areas, and a lake trail that connects into the 24-mile Interurban Trail.

Living at Echo Lake also provides residents access to Shoreline's top performing schools. The highly desired Shoreline School District is rated 9/10 by greatschools.org and #10 on the Niche.com 2017 list of Best School Districts in Washington, according to the release.

Apartments good long-term for investors

Seattle company buys apartments in Shoreline, Washington

"Seattle is a dynamic market and we are excited about the employment drivers in the area,” Jessica Levin, Senior Director, Acquisitions for Intercontinental, said in the release. “Upon the execution of our business plan, residents will benefit from an upgraded living experience with premier access to nearby retail, leisure and recreational amenities. This compelling combination makes Echo Lake Apartments an excellent long term investment for our investors."

Allen Logue, Associate Director, Acquisitions for Intercontinental added, "Intercontinental is excited to expand its Seattle area portfolio with our sixth acquisition. Echo Lake Apartments benefits from a 'first ring' suburban location exhibiting strong market fundamentals and close proximity to major arterials and public transportation nodes."

The property will be managed by Security Properties-affiliate Madrona Ridge Residential.

About Security Properties

Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 47 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 66,500 residential units at a cost of over $3.35 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists.  For more information, visit www.securityproperties.com

About Madrona Ridge Residential

Madrona Ridge Residential is the affiliated property management firm of Security Properties, created to increase the value of its real estate holdings by more closely managing its assets.  Operating throughout the Western U.S., Madrona Ridge Residential is committed to delivering exceptional service to its apartment communities and residents. Services include property, construction and compliance management services that create positive living environments for residents and build value for clients.

About Intercontinental Real Estate Corporation

Intercontinental Real Estate Corporation is an SEC registered investment adviser with deep expertise in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental has managed, developed, and owned over $10 billion in real estate property. Today, Intercontinental owns and manages a portfolio in excess of  $6.0 billion for its clients. Intercontinental balances its portfolio both by robust property mix and by geographic diversification, while actively seeking opportunities to invest in both core and core plus, as well as value-add development projects. Visit  www.Intercontinental.net for more information.

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