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LACEY, WASH. — Security Properties, along with a university endowment, has acquired Marq on Martin, a multifamily property located at 8545 Litt Drive SE in Lacey, a suburb of Olympia. An undisclosed seller sold the property for $54.5 million.
Constructed in 2017, the property consists of 248 apartment units across 10 residential buildings. Situated on 12 acres, the property features a mix of one- and two-bedroom floor plans with an average unit size of 831 square feet.
With this acquisition Security Properties now owns 18 assets totaling more than 4,000 units in the Puget Sound marketplace. Security Properties Residential, an affiliate of Security Properties, will manage the property.