Seattle company purchases Chelsea Heights for $15M

Seattle-based Security Properties, Inc. today announced it has acquired Chelsea Heights, a recently constructed 69,000-square-foot mixed-use apartment property in Tacoma....

Seattle-based Security Properties, Inc. today announced it has acquired Chelsea Heights, a recently constructed 69,000-square-foot mixed-use apartment property in Tacoma. As part of a new joint venture equity partnership with New York-based Real Estate Capital Partners, Security Properties purchased the building for $15 million in an off-market Real Estate Owned deal with a Seattle-area bank, according to a statement released today by Security Properties.

Completed in 2010, the Chelsea Heights Apartments is a Class A property consisting of 78 apartment units and underground parking located on the corner of 6th Street and J Street. The building also includes 19,000 square feet of street-level commercial space fully leased and occupied by MultiCare. Security Properties’ affiliated property management firm, Madrona Ridge Residential, will provide property management services for Chelsea Heights Apartments. The site is located one block from the Mary Bridge Children’s Hospital, two blocks from Tacoma General Hospital and one block from Wright Park. This latest acquisition represents Security Properties’ most recent Tacoma market deal since purchasing the 241-unit Rainier Point Apartments in December 2007.

For more information, visit http://www.securityproperties.com .

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