The properties acquired are: Mallard Cove, a 198 unit complex located north of Seattle in Everett, WA; Gilman Meadows, a 125-unit complex located east of Seattle in Issaquah, WA; and Mountain View, a 241-unit complex located south of Seattle in Fife, WA.
SPI says it has plans exterior painting, upgraded landscaping and clubhouse remodels at all three properties. The company also plans to update unit interiors and add washers and dryers to some units.
Security Properties acquired Mallard Cove and Gilman Meadows in a partnership with Capmark Finance. It acquired Mountain View in a partnership with Equity Resources Investments LLC.
Barrett Sigmond, SPI acquisitions director for the Northwest intimated in a prepared statement that it acquired the property at a discount to market due to its ability to close in a short time frame.
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