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Washington Multifamily Community Sold in $35 Mil Transaction

2/15/17

Security Properties purchased Beaumont Grand, a 267-unit, garden-style multi-housing community in Lakewood, WA for $35.2 mil ($132k/unit), free and clear of any existing debt. The property was sold by Grand Peaks Properties and its finance partner, Pacific Coast Capital Partners.

Photo: Cory Holland
Photo: Cory Holland
Beaumont Grand is located at 8504 82nd Street SW in Lakewood, within proximity to several of Pierce County’s largest employment drivers, including the Port of Tacoma and Joint Base Lewis-McChord, a U.S. military installation supporting more than 66,000 jobs. The property is situated to the west of I-5, which provides easy access throughout the entire Seattle-Tacoma-Bellevue MSA.

Beaumont Grand offers spacious one-, two- and three-bedroom floor plans with fireplaces and full-size washers and dryers. Additional community features include a resident lounge, mini movie theater, basketball court and fitness center. The property is 95 percent leased.

Ira Virden and Chris Ross with HFF repped the seller.




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