NEWCASTLE, WASH. – Security Properties has sold Newport Crossing, a 192-unit apartment complex in the Bellevue submarket of Newcastle, for $38.8 million. The buyer was not named. The community is located at 7311 Coal Creek Parkway SE.
Security Properties acquired the community in 2012 in a joint venture with an East Coast insurance company through its Security Properties Multifamily Fund. The company implemented a substantial value-add renovation program in conjunction with its affiliated property management firm, Madrona Ridge Residential, prior to the sale.
The renovation included an investment of $1.5 million to re-paint and re-roof the buildings, redesign the community pool, improve landscaping and upgrade unit interiors. Newport Crossing was built in 1990.
Security Properties Multifamily Fund currently has 15 remaining multifamily properties in its portfolio. The fund launched in June 2011.