Newport Crossing Community in Newcastle Sold by Security Properties
- Nov 19, 2014
The Newport Crossing residential community in Newcastle, Wash., was recently sold by owner Security Properties Inc. in a deal worth a reported $38.8 million. The company unloaded the community through its Security Properties Multifamily Fund at a substantial increase over the $30.35 million price the multifamily real estate owner paid back in 2012. The premium was not only the result of the improving real estate market in the Pacific Northwest but also of a value-add renovation program carried out at the property.
Completed in 1990, the property has undergone a number of modifications in order to improve resident quality of life, with approximately $1.5 million to repaint and reroof buildings, redesign the community pool, improve landscaping and upgrade unit interiors. In-unit features include washer-dryers, wood-burning fireplaces, vaulted ceilings, patios or balconies, and select units also feature microwave units, stainless-steel appliances, ceiling fans and walk-in closets. The value-add processes carried out at Newport Crossing were done with the help of Security Properties’ affiliated property management firm, Madrona Ridge Residential.
The resident amenity package includes a 24-hour fitness room, tanning beds, a Jacuzzi, heated swimming pools, a resident business center with Wi-Fi service, a resident lounge and the option of cabana rental.
The 192-unit Newport Crossing community was the fifth community to be acquired by Security Properties Multifamily Fund I, part of the 17 different purchases across the country completed by the fund since its launch in June 2011. With the current sale, the fund has 15 properties left.
“The purchase, renovation and sale of Newport Crossing reflects our overall strategy of pursuing multifamily real estate investment opportunities in high-growth western markets characterized by sustainable job and population growth,” observed Security Properties CEO David Dufernhorst.
Image courtesy of newportcrossingapts.com