Security Properties and Pacific Life Purchase Affordable Housing Community in Downtown Seattle
SEATTLE, April 2, 2019 /PRNewswire/ -- On March 27th, 2019, Security Properties and Pacific Life acquired HANA, a newly constructed 160-unit affordable housing complex located in the heart of Seattle, at the intersection of 6th and Yesler. This is the third affordable housing joint-venture by Security Properties and Pacific Life.
HANA is a mixed-use, podium-style, community with over 13,000 square feet of commercial space occupied by Bright Horizons daycare, and 160 apartment units. Apartments feature floor‐to‐ceiling windows, hard surface kitchen countertops, and vinyl plank flooring that is consistent with Class-A market rate product. Residents will also benefit from a 7th floor rooftop deck with community kitchen and unobstructed views of Puget Sound and Downtown Seattle. The property is minutes from light-rail as well as a wide variety of restaurants, retail amenities, and the Stadium District.
HANA was delivered in early 2019 and is presently undergoing lease-up. The property participates in a variety of local affordability programs, including Seattle's Multifamily Tax Exemption (MFTE) program, which together restrict all units to households earning between 50% and 80% of Area Median Income (AMI). This translates to affordable rents for families earning up to $80,000, for a household of 4 people. "Given the well-documented demand for affordable housing in Seattle, HANA is a being delivered at the perfect time," said Steve TeSelle, Director of Affordable Housing for Security Properties. "HANA will provide high-end units at a significant discount to market rents in the surrounding area."
HANA is Security Properties' fourth affordable housing acquisition in Washington State. The company's Affordable Housing Group maintains a national footprint with an existing portfolio of more than 8,000 units across 58 low-income housing assets. Security Properties also owns more than 13,900 conventional units across 54 properties.
Colliers International's apartment team of Tim McKay, Dan Chhan, and Sam Wayne represented Security Properties in the acquisition of HANA.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 50 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 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 Pacific Life
For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2019 World's Most Ethical Companies® by the Ethisphere Institute. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2018 is compiled by Pacific Life using the 2018 FORTUNE 500® list.
News media contact:
Ed McGovern, 206.622.9900
[email protected]
SOURCE Security Properties
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