Security Properties, Pacific Life Acquire Anthology Multifamily Asset in Metro Seattle for $163.3M
ISSAQUAH, WASH — Seattle-based Security Properties and Newport Beach, Calif.-based Pacific Life Insurance Co. have purchased Anthology, a 398-unit new construction multifamily property in Issaquah for $163.3 million. Located at 1610 Anthology Ave. NW, Anthology is situated 14 miles southeast of Seattle in the Puget Sound region.
Anthology offers studio, one-, two- and three-bedroom apartments. Amenities include a two-story clubhouse featuring a game room with shuffleboard and billiards, conference room and community kitchen. The complex also features a fitness center with yoga studio and bike room, a pool, barbecues, package access, bicycle storage and repair station, a park and easy access to nature trails. Security Properties Residential, an affiliate of Security Properties, will manage the property.
The Issaquah Reporternotes that Anthology is one of three similar residential projects along Newport Way NW. The Puget Sound area as whole has experienced a housing crisis with growth of tech companies and Amazon creating a booming population and a scarcity of affordable housing.
Bisected by Interstate 90, Issaquah allows commuters access to downtown Seattle and nearby employers, including Microsoft, Amazon and Costco. The Issaquah suburb has grown rapidly since 2000, nearly quadrupling its population, which is now almost 40,000. The area is affluent, with a median household income exceeding $100,000. The city government’s Active Projects List indicates that there are 65 commercial real estate projects under development in the city, which is situated between Bellevue, Lake Sammamish, and several nature reserves, including Grand Ridge Park and Tiger Mountain State Forest.
Security Properties now owns over 5,600 units in the Puget Sound region.
“The opportunity to own scale off-market in Issaquah was something we could not pass up,” says Davis Vaughn, senior director of conventional investments for Security Properties. “The combination of outstanding schools, proximity to employment and lack of future supply results in a dynamic location with long-term upside.”
— Sarah Daniels