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December 15, 2018
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Security Properties Buys 141-Unit Res Asset in Spokane Valley, WA


Security Properties purchased Eagle Pointe, a 141-unit affordable multifamily property in Spokane Valley, WA for $12.85 mil, or about $91k/unit.

Eagle Pointe is a garden-style community comprised of family units that are income restricted. The property was originally developed in 1997 utilizing Low-Income Housing Tax Credits (LIHTCs) from the Washington State Housing Finance Commission (WSHFC). A Regulatory Agreement tied to that original source of financing deed restricts the property as affordable housing through 2028.

Located at 2718 N Bowdish Rd, Eagle Pointe offers convenient access to I-90, North Pines Rd, and East Montgomery Drive. The property is just minutes to Mirabeau Park, which offers many activities such as a large playground, natural springs, hiking, biking and rock climbing. It is also close to local breweries and wine tasting rooms.

The purchase of Eagle Pointe boosts Security Propertiesí growing Pacific Northwest portfolio to nearly 7,500 units. According to Bryon Gongaware, Managing Director of the Affordable Housing Group for Security Properties, the acquisition enables the company to preserve this high-quality affordable housing community for the next 10 years.

Jim Flinn with CBRE Capital Markets arranged the 10-year term fixed-rate acquisition loan for the transaction. The property will be managed by Security Properties Residential, an affiliate of Security Properties.

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