Security Properties Nabs Puget Sound Apartments for $54M

A partnership between Security Properties and a university endowment acquired Marq on Martin, a 248-unit, Class A multifamily property in Lacey, Wash., for $54.5 million. With the deal, Security Properties ups its Puget Sound Portfolio to 18 properties totaling more than 4,000 units. “We were initially drawn to the quality of the asset,” Davis Vaughn, Security Properties’ senior director-acquisitions, told MHN Additionally, by being able to capture a healthy spread between our debt and the going in cap rate, we can deliver yield from day one without having to do any heavy lifting. We also like the growth prospects of a market like Lacey long term.”