Issaquah Apartment Community Sells for $55.1M

Seattle-based Security Properties has acquired the 134-unit Langara community in Issaquah.

Hoodline reported that the property’s sale price is nearly double what it sold for in 2013. The North Issaquah community offers a mix of one- and two-bedroom apartments as well as three-bedroom townhomes, with amenities including in-unit laundry, private outdoor spaces, a dog park and wooded surroundings.

The transaction comes as market data points to improving conditions for apartment owners across the Puget Sound region, according to the article. Industry analysts have reported modest rent growth and declining vacancy rates in several Seattle-area submarkets, making stabilized multifamily properties increasingly attractive to institutional buyers.

The acquisition also expands Security Properties’ presence on the Eastside. The Hoodline article noted that the company added another apartment community in Sammamish last year.