Security Properties recapitalizes Taluswood Apartments in Mountlake Terrace, WA with Intercontinental Real Estate Corporation
SEATTLE, September 8, 2021 / PRNewswire / – Enabled August 26, 2021, a partnership between Security Properties and Intercontinental Real Estate Corporation (“Intercontinental”) purchased Taluswood, a 512-unit multi-family property located Mountlake Terrace, WA. The property was originally built in 1987 and sits on over 41 acres of land.
Taluswood’s unique central location provides residents with convenient regional access to jobs in multiple directions. To the east is the heart of the high-tech East Side Corridor, home to some of the region’s largest employers, such as Microsoft and Google. Just 25 minutes north of Taluswood is Boeing’s 100-acre, 472 million cubic foot assembly plant and more than 38,000 employees. Bothell, also east of Taluswood, is a business hub of notable employers such as Blue Heron Biotechnology, AT&T, Lockheed Martin, and Seattle Genetics. In addition, being just 25 minutes north of Seattle, the list of employers is expanding to include Amazon, Facebook, Washington University, Tableau and Providence Health.
This accessibility will be further improved 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), including the The opening is currently scheduled for 2024.
Within 10 minutes of Taluswood, residents are exposed to several major shopping malls, including Alderwood Mall, Northgate Mall, and Park Hills Mall. These large malls include a variety of food and retail options, including Nordstrom, REI, Apple, Target, Macy’s, Panera, and Starbucks. Other nearby amenities include 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 interior of the units and update the common areas. According to Davis vaughn, Senior Director at Security Properties, the recapitalization was carried out because “we believe in the long term in lower cost housing options in the first ring Seattle suburb. We are delighted to have had the opportunity to continue to implement our business plan as we enhance the asset to take full advantage of its location close to employment. “
“Seattle continues to be a very dynamic market with a high employment rate ”, declared Jessica levin, Senior Director, Acquisitions for Intercontinental. “After executing our business plan, residents will benefit from an enhanced living experience with privileged access to the new streetcar, nearby retail, leisure and recreational facilities. We believe this compelling combination will make Taluswood Apartments a great investment for our investors “
The property will be managed by Security Properties Residential, a subsidiary of Security Properties.
About security properties
Security Properties is a national real estate investment, development and operation 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 to its investors. Since its founding, Security Properties has acquired or developed over 100,000 residential units at a cost of over $ 9.0 billion on more than 600 assets. Security Properties Residential is Security Properties’ affiliate property management company, formed to increase the value of its real estate holdings by more tightly managing its assets. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional specialists in acquisition, development, construction, investment and property management. For more information, visit www.securityproperties.com
About the Intercontinental Real Estate Company https://intercontinental.net/
Intercontinental Real Estate Corporation is an SEC registered investment advisor with decades of experience in real estate investing, finance, development, construction management and asset management. Since 1959, Intercontinental and its subsidiaries have managed, developed or collectively owned more than $ 14 billion In the real estate. Today, Intercontinental manages a real estate portfolio of approximately 10 billion dollars for its customers. The Intercontinental portfolio is diversified both by a solid real estate mix and by geography. Fund strategies actively seek opportunities to invest in Core and Core-Plus properties, as well as in value-added operating properties and development projects.
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SOURCE security properties