Nov 2, 201706:07 PMBlog
Seattle developer acquires DuPont mixed-use property
Seattle real estate company Security Properties has purchased Trax at DuPont Station, a 178-unit property built in 2012 in DuPont, for $32,250,000.
Built in 2012, the property includes both residential units and 10,385 square feet of ground floor retail space on 4.37 total acres of land.
Tad Johnson, investment manager at Security Properties, touted the acquisition for the property’s proximity to employment drivers like Amazon’s DuPont fulfillment center and State Farm operations in the South Sound, as well as Joint Base Lewis McChord, the area’s biggest employer.
"The market fundamentals in DuPont are strong and this asset is best in class,” said Johnson. “DuPont offers an attractive quality of life and is proximate to major durable employment drivers – notably JBLM. We expect this acquisition will create value for our investors with new management and thoughtful capital execution."
Security Properties Residential, the affiliated property management firm of Security Properties, will manage Trax going forward.