SEATTLE, May 17, 2019 /PRNewswire/ -- On May 15, 2019, a partnership between Security Properties and Rockwood Capital purchased Taluswood, a 512-unit multifamily property located in Mountlake Terrace, WA. The property was originally built in 1987 and sits on over 41 acres of land.
Taluswood's unique central location allows residents the benefit of convenient regional job access in multiple directions. To the east is the heart of the East side's High-Tech Corridor, containing some of the area's largest employers like Microsoft and Google. Just 25 minutes north of Taluswood sits Boeing's 100 acre, 472 million cubic feet assembly plant and more than 38,000 employees. Bothell, also east of Taluswood, is a business hub featuring notable employers such as Blue Heron Biotechnology, AT&T, Lockheed Martin, and Seattle Genetics. Further, being just 25 minutes north of Seattle, the list of employers expands to include Amazon, Facebook, University of Washington, Tableau, and Providence Health.
This accessibility will be further enhanced when Sound Transit's Link Light Rail extends its service north to the intersection of 236th Street SW and Interstate 5 (approximately 1 mile west of the property), currently scheduled to open in 2024.
Within 10 minutes of Taluswood, residents are exposed to multiple major shopping centers, including the Alderwood Mall, the Northgate Mall and the Park Hills shopping center. These major shopping centers include a variety of dining and retail options, including Nordstrom, REI, Apple, Target, Macy's, Panera, and Starbucks. Other nearby amenities include the Terrace Creek Park (60-acres) and Ballinger Park (55-acres), both within a 5-minute drive.
The partnership between Security Properties and Rockwood plans to renovate the unit interiors, update the common areas and paint the exteriors. According to Davis Vaughn, Senior Director at Security Properties, the acquisition was made because, "[a]s one of the first garden-style assets of scale heading north from Seattle, Taluswood is well-positioned for those looking for relief from Seattle pricing. With convenient job access to Everett, Seattle and the Eastside, walkable light rail coming, and a low-density setting that will never be replicated, Taluswood offers an excellent value proposition for renters that will only be enhanced by the planned renovation."
"Rockwood Capital firmly believes that the Puget Sound is one of the most vibrant markets in the nation, and we are excited to acquire Taluswood given its difficult-to-reproduce, low-density nature that will appeal to a broad range of renters," said Matthew Friedman, a Director of Rockwood Capital. "We feel the asset is ideally positioned for a meaningful value-add program that will create a unique offering in the market."
The property will be managed by Security Properties Residential, an affiliate of Security Properties.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 48 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 83,000 residential units at a cost of over $5.7 billion. Security Properties 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. 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 Rockwood Capital
Rockwood Capital, LLC (Rockwood) is a real estate investment management firm founded in 1995 that invests in residential, office, retail, hotel and research and development properties that can be repositioned, recapitalized, developed or improved in select markets throughout the United States. Notably, Rockwood has extensive experience in the multifamily sector, represented by the firm's current 31 asset portfolio comprising approximately 7,200 units across the country.
Rockwood and its principals have invested on behalf of their clients approximately $29.6 billion of real estate through commingled funds and separate accounts. Rockwood is a 73-person organization, with offices in New York, NY, San Francisco, CA, and Los Angeles, CA, that manages a portfolio of approximately $3.8 billion of net equity value in approximately $7.4 billion of gross real estate value as of 12/31/2018. Rockwood's investors include sovereign wealth funds, public and private pension funds, endowments, foundations, insurance companies, funds of funds, high net worth individuals and family offices. For more information, visit www.rockwoodcap.com
News media contact:
Ed McGovern, 206.622.9900
SOURCE Security Properties