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September 7, 2017

Security Properties closes Fund I

By JOURNAL STAFF

[enlarge]
Security Properties sold this apartment building at 700 Broadway E.

Local firm Security Properties announced that it has sold the mixed-use apartment building at 700 Broadway E., which was the last of 17 assets in its Fund I.

King County hasn't yet recorded the sale.

The property was acquired in 2012 for $20 million, from the original developers. Over the past six years, Fund I grew to include 2,471 units in four states, totaling $392.5 million.

The properties were renovated and sold.

The company says that that, “By employing average leverage of 55 percent, the $20 million invested into Fund I returned a net $48 million.” CEO David Dufenhorst said in a statement, “The conclusion of Fund I was an extremely positive outcome for all parties involved.”




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