Dan Byrnes Of Security Properties Acquires Multifamily Portfolio From Washington Holdings For $400.8M

Security Properties acquired a multifamily portfolio consisting of five properties in Seattle for a total of $400.8 million. The properties include 2517 Eastlake Avenue East, 8704 Greenwood Avenue North, 3627 Stone Way North, 7508 159th Place Northeast, and 7662 159th Place Northeast. The portfolio encompasses 903 units, resulting in a price per unit of $443,854, making it one of the largest apartment transactions in Seattle for the year.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $400,800,000
• Buyer: Dan Byrnes - Security Properties
• Seller: Washington Holdings
• Broker: Eastdil Secured
• Units: 903
• Price per Unit: $443,854

This notable transaction features the brokerage expertise of Eastdil Secured, representing Washington Holdings in the sale. The portfolio includes well-known properties such as Liza Eastlake, The Hemlock, The Hayes on Stone Way, Carter on the Park, and Heron Flats & Lofts, reflecting a significant addition to Security Properties' multifamily investments.