Security Properties Buys Two Multifamily Assets in Washington’s Tri-Cities Area for $41.3M

RICHLAND AND KENNEWICK, WASH. — Security Properties has purchased two multifamily assets in the Tri-Cities area of Washington State for a total of $41.3 million. The acquisitions include the 228-unit Riverpointe Apartments in Richland and the 200-unit Crosspointe Apartments in Kennewick.

Both Class B assets are vintage/garden-style apartment communities built in 1996. Security Properties plans to renovate both communities, which were purchased for $22.3 million and $19 million, respectively.

The communities were financed with assumed HUD mortgages at a 3.42 percent average fixed rate. Security Properties-affiliate Madrona Ridge Residential will manage the communities.