SEATTLE, Sept. 8, 2021 /PRNewswire/ -- On August 26, 2021, a partnership between Security Properties and Intercontinental Real Estate Corporation ("Intercontinental") purchased Taluswood, a 512-unit multifamily property located in Mountlake Terrace, WA. The property was originally built in 1987 and sits on over 41 acres of land.
Taluswood's unique central location allows residents the benefit of convenient regional job access in multiple directions. To the east is the heart of the East side's High-Tech Corridor, containing some of the area's largest employers like Microsoft and Google. Just 25 minutes north of Taluswood sits Boeing's 100 acre, 472 million cubic feet assembly plant and more than 38,000 employees. Bothell, also east of Taluswood, is a business hub featuring notable employers such as Blue Heron Biotechnology, AT&T, Lockheed Martin, and Seattle Genetics. Further, being just 25 minutes north of Seattle, the list of employers expands to include Amazon, Facebook, University of Washington, Tableau, and Providence Health.
This accessibility will be further enhanced when Sound Transit's Link Light Rail extends its service north to the intersection of 236th Street SW and Interstate 5 (approximately 1 mile west of the property), currently scheduled to open in 2024.
Within 10 minutes of Taluswood, residents are exposed to multiple major shopping centers, including the Alderwood Mall, the Northgate Mall and the Park Hills shopping center. These major shopping centers include a variety of dining and retail options, including Nordstrom, REI, Apple, Target, Macy's, Panera, and Starbucks. Other nearby amenities include the Terrace Creek Park (60-acres) and Ballinger Park (55-acres), both within a 5-minute drive.
The partnership between Security Properties and Intercontinental plans to renovate the unit interiors and update the common areas. According to Davis Vaughn, Senior Director at Security Properties, the recapitalization was done because, "we are long term believers in lower cost housing options in first ring Seattle suburbs. We are excited that we had the opportunity to continue implementing our business plan as we upgrade the asset to fully capitalize on its job proximate location."
"Seattle continues to be a very dynamic market with high employment drivers" said Jessica Levin, Senior Director, Acquisitions for Intercontinental. "Upon the execution of our business plan, residents will benefit from an upgraded living experience with premier access to the new light-rail, nearby retail, leisure and recreational amenities. We believe that this compelling combination will make Taluswood Apartments an excellent long-term investment for our investors"
The property will be managed by Security Properties Residential, an affiliate of Security Properties.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 52 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 100,000 residential units at a cost of over $9.0 billion across 600+ assets. 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. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com
About Intercontinental Real Estate Corporation https://intercontinental.net/
Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser with decades long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, or owned collectively over $14 billion in real estate property. Today, Intercontinental manages a real estate portfolio of approximately $10 billion for its clients. The Intercontinental portfolio is diversified both by robust property mix and by geography. Fund strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in Value-Add operating properties and development projects.
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SOURCE Security Properties