SEATTLE, WA – Security Properties has purchased Toscana Apartments, a Class A multi-family property located in Lacey, WA. Security Properties now has 31 assets totaling over 6,800 units in the Puget Sound market.
Toscana is a garden-style Class A community that was delivered in two phases between 2019 and 2021. The asset consists of 393 apartments in 6 four-storey residential buildings and 5 three-storey residential buildings and a two-storey pavilion. floors. The mix of units includes an attractive range of floor plans with an average unit size of 797 square feet. Unit interiors consist of quartz countertops, custom cabinetry, stainless steel or black appliances, hard surface flooring with carpeting in bedrooms, full size washer/dryer, 9-foot ceilings (vaulted upper floor) and private patios or terraces in some units. Amenities-wise, the gated property offers a clubhouse lounge, outdoor pool and hot tub, fitness center, and walking path on the property.
Originally established as a suburb of Olympia, the town of Lacey is located just five miles east of the state capital at the southern tip of Puget Sound. With over 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 limitless opportunities for outdoor recreation. The area also benefits from a low crime rate, healthy economy, and proximity to major metropolitan areas (~30 minutes south of Tacoma).
At the property level, access to Interstate 5 is just one mile southeast, providing residents with direct access south to nearby towns of Olympia and Tumwater, as well as north to the base. Lewis McChord Township and the City of Tacoma. From a retail perspective, Hawks Prairie Village Mall, a 154,000 square foot mall anchored by Safeway, is less than 2 miles away. Several big-box retailers also surround the mall, including Costco, Walmart, Home Depot, and Best Buy. Plus, Cabela Sporting Goods is just 2 minutes south on Gateway Blvd.
The Business Plan is a long-term yield investment with mild upgrade features. Although the asset currently offers a top-notch amenity set and well-appointed living units, Security Properties has identified several opportunities to further emphasize this strength. They also plan to meet a short list of minor immediate needs on the property as needed.
According to Alex Gauper, Director of Security Properties, “Toscana represented a unique opportunity to acquire a high quality asset at a price well below current replacement cost and in a submarket with excellent long-term fundamentals. We are actively focused on growing our South Sound Portfolio and specifically Lacey, a stable sub-market with a diverse mix of demand drivers and very limited historical supply.We are very pleased to add Toscana to our Pacific Northwest Portfolio and we look forward to delivering strong returns to our investors relative to our grip.