REAL ESTATE INVESTMENT
Security Properties | December 24, 2021
On December 14, 2021, Security Properties purchased Martingale, a Class A multifamily property located in Lacey, WA for $92,000,000. Security Properties now owns 27 assets totaling over 5,900 units in the Puget Sound marketplace.
Martingale was constructed in 2020 and consists of 240 units spread out across 10 residential buildings and 11.2 acres. The residential units are a mix of studio, one and two-bedroom floorplans with an average unit size of 849 SF.
Originally established as a suburb of Olympia, the City of Lacey is situated just five miles east of the state's capital at the southern tip of the Puget Sound. With more than 1,200 acres of public parkland, an adjoining 3,700-acre national wildlife refuge, five freshwater lakes and several championship golf courses, the city is best characterized by its virtually unlimited opportunities for outdoor recreation. The area also boasts a low crime rate, a healthy economy and proximity to major metropolitan areas (30 minutes south of Tacoma).
At the property level the site is ideally positioned just off Martin Way, an arterial thoroughfare that runs through Lacey and connects into downtown Olympia. While the entrance road to the site is directly off Martin Way, the clubhouse and residential buildings are tucked back roughly 400 feet, allowing for a private living environment free of traffic noise without sacrificing drive-by visibility. From a retail standpoint, directly across the street sits the Hawks Prairie Village Mall, a 154,000 sq. ft. shopping center anchored by Safeway. Several big box retailers also surround the mall including Costco, Home Depot, WinCo Foods and Best Buy. This is the primary retail hub for Lacey and functions as the town center. Walkable retail should provide long term differentiation as this is a material competitive advantage within the market.
The business plan is a long-term yield investment with light upgrade characteristics. While the asset currently offers a best-in-class amenity package and well-appointed living units, Security Properties has identified several opportunities to further emphasize this strength. They also plan to address a short list of minor immediate needs on the property as necessary.
Martingale fits our recent strategy of identifying well-located, new-construction assets in markets with strong drivers. We feel that we have the best asset in Lacey, a stable market with very limited historical supply resulting in pent up demand for high quality product. We are very excited to add Martingale to our Pacific Northwest portfolio and look forward to delivering strong returns to our investors over our hold."
Alex Gauper, Director at Security Properties.
The property will be managed by Security Properties-affiliate Security Properties Residential.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 50 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 83,000 residential units at a cost of over $5.7 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists.
About Security Properties Residential
Security Properties Residential is the affiliated property management firm of Security Properties, created to increase the value of its real estate holdings by more closely managing its assets. Operating throughout the Western U.S., Security Properties Residential is committed to delivering exceptional service to its apartment communities and residents. Services include property, construction and compliance management services that create positive living environments for residents and build value for clients.
REAL ESTATE INVESTMENT
Axylyum | September 13, 2021
CRE Financial Firm, Axylyum Charter recently announced that they have joined the American Association of Private Lenders. The oldest national organization representing the private real estate and peer-to-peer lending industry, AAPL's members include private money lenders, mortgage fund managers, brokers and service providers from around the United States.
"We are very pleased to have joined such an important industry organization. The team at Axylyum believe very strongly in AAPL's core values and appreciate all that they do for the private lending space. We are looking forward to fostering this relationship and utilizing AAPL's member resources to better support our growing base," said Steven Amshen, general counsel at Axylyum.
Axylyum Charter was founded in early 2021 with the purpose of disrupting the distressed mortgage industry. The firm is a market creator and leader in providing portfolio-wide secure engagement options to Retail and Wholesale Lenders that allow for an immediate repurchase of Lenders' defaulted loans. Through their exclusive product, AXY Wrap™, Axylyum offers a secure guarantee on the performance of asset-based non-owner-occupied loans through portfolio-wide engagement pricing.
"The American Association of Private Lenders is pleased to have Axylyum join us as a service provider member. We look forward to supporting Axylyum as we do all our members through education, ethics, and advocacy," said Linda Hyde, managing director of AAPL.
Axylyum Charter focuses on acquisition of defaulted asset backed non-owner-occupied loans through portfolio wide engagement guarantees to non-traditional lenders. The goal of the organization is to disrupt the distressed mortgage-backed asset space by executing their litigation-driven equity capture position in high value markets.
REAL ESTATE TECHNOLOGY
ShaikhTech | November 03, 2021
ShaikhTech, a Dubai based innovative technology company, announced its enhanced strategic contribution to the UAE's technology sector through Matterport's' revolutionary all-in-one 3D data platform. ShaikhTech is the official partner in the Middle East for Matterport (Nasdaq: MTTR), an American company that is the global leader in 3D VR technologies and 4K-quality immersive virtual reality tours. This year, ShaikhTech was chosen to feature the revolutionary Matterport technology at GITEX 2021, the largest technology exhibition and conference in the Middle East. ShaikhTech was selected to be a part of GITEX Future Stars, a program that showcases innovative technologies from around the world.
Through the introduction of Matterport's 3D virtualisation technology in the region, ShaikhTech is facilitating remote monitoring capabilities for the construction and real estate sector by enabling virtual tours and the creation of 3D digital twin models using artificial intelligence (AI). The cutting-edge technology means that Matterport allows remote collaboration through digital twins by teams improving communication, speeding execution, reducing costs and reducing the carbon footprint.
"We are honoured to have been selected to be part of 2021 GITEX Future Stars and have the opportunity to showcase this revolutionary technology leading the digitisation of the built world. A 3D digital twin of a property allows a 'one source of truth' which anyone can view and see the current status of any built space whether it is residential villas, commercial buildings, hotels, retail stores, factories, power plants, public transit. Particularly during the covid pandemic when travel was restricted, the Matterport technology was a God send allowing architectural and construction teams the freedom collaborate seamlessly across geographies."
- Zeeshan Shaikh, CEO of ShaikhTech
Matterport, the industry standard for 3D digital twin capture has focused on honing the immersive 3D experience for a wide range of audiences, from individuals to Fortune 500 companies, located across more than 150 countries. Apart from real estate promotion, Matterport's technology has transformed capabilities in a variety of industries, including architecture, engineering, and construction (AEC), facilities management, hospitality, interior design, insurance, restoration, retail, travel, and tourism.
ShaikhTech is a Dubai based technology company involved in property technology (Proptech), virtual reality (VR) / augmented reality (AR) technologies, mobility, IOT and robotics sectors. It is the official partner in the Middle East for Matterport (Nasdaq: MTTR), the global leader in 3D VR technologies and 4k quality immersive VR tours. Shaikh Tech provides digital solutions that are beneficial for numerous sectors with a special focus on real estate, tourism, hospitality, retail, media, design, trade, logistics and are honoured to be part of Dubai's Industrial Strategy 'For the Good of Tomorrow'.