Security Properties purchased Sky Sammamish, a 159-unit multifamily property built in 2018 and located in Sammamish, Washington, for $70.25 million. Security Properties now owns 28 assets and over 6,400 units in the Greater Seattle marketplace.
Sammamish — a highly desirable suburb east of Seattle situated between Bellevue, Redmond and Issaquah — has seen its population grow quickly over the past 20 years, despite high barriers to entry for homes. The median household income in Sammamish is about $215,000 higher than any other U.S. city with a population over 50,000.
Sky Sammamish is located along 228th Avenue, the city’s primary north and south thoroughfare with access to both Interstate 90 (to the south) as well as SR-202 (to the north). The property was developed as a phase of the expanding Sammamish Town Center, a multi-phase, mixed-use development project that will serve as the new town center for Sammamish.
The property is the only housing located within the town center development and sits adjacent to a variety of commercial spaces, retail, and food options. Most notably, the site is adjacent to Metropolitan Market, an upscale Seattle-based grocery chain.
“Sky Sammamish is a prime example of our firm’s investment thesis of identifying newer-vintage assets in markets with high barriers to entry and a diverse mix of stable drivers,” said Alex Gauper, senior director at Security Properties. “We feel that we have the best asset in a submarket with a very limited historical supply, excellent schools, and strong demand for high-quality housing. The Issaquah and Sammamish submarket has been a strong performer for us for many years and we are excited to add to our existing portfolio in the area.”
The property will be managed by Security Properties-affiliate Security Properties Residential.
