Intercontinental Real Estate Corporation and Security Properties announces the acquisition of Echo Lake Apartments

Sunday, June 25, 2017

Echo Lake Apartments and Townhomes
are under new ownership

Intercontinental Real Estate Corporation (“Intercontinental”) a national real estate investment, development, and management firm headquartered in Boston, MA, and Security Properties, a Seattle real estate investment, development, and operating company, announced the purchase of Echo Lake Apartments located at South Echo Lake in Shoreline.

Developed in 2009, the property contains 289 units consisting of studio, one bedroom, two bedroom, three bedroom, and townhome apartments. The 4.3 acre lot, fronting Echo Lake, is also home to 8,999SF of retail space, a 24-hour fitness center, an outdoor pool, a clubhouse featuring a residents’ lounge area, fireplace, full kitchen with bar and dining area, pool table, internet cafe and leasing office, along with 459 total parking spaces.

South exterior of Echo Lake Apartments

The property allows easy transportation throughout the surrounding metro area. Major employment centers, Downtown Seattle to the south and Everett to the north, are within a 20 mile radius. Convenient access to the SR 99 and I-5 paired with walking access to the Shoreline Park n Ride and Aurora Village Transit Center provides a multitude of ways to reach the growing number of job opportunities located in the greater Seattle area. Travel will become easier in the future as a Shoreline Light Rail Station is built on I-5.

Within the boundaries of Shoreline, residents are offered close proximity to recreation and retail. To the north of the property sits Echo Lake Park, with fishing, and picnic area. A lake trail leads to the 24-mile Interurban Trail. To the south lies many shopping and dining options.

Falling within the Shoreline School District, residents will be able to attend a variety of sought after schools. Echo Lake Elementary School, Albert Einstein Middle School and Shorewood High School are all located a mile from the property and have been ranked 8/10, 9/10, and 9/10, respectively, by GreatSchools.org.

Jessica Levin, Senior Director of Acquisitions at Intercontinental, stated that “Upon the execution of our business plan, residents will benefit from an upgraded living experience with premier access to nearby retail, leisure and recreational amenities.”

Allen Logue, Associate Director, Acquisitions for Intercontinental added “Echo Lake Apartments benefits from a “first ring” suburban location exhibiting strong market fundamentals and with close proximity to major arterials and public transportation nodes.”

According to Davis Vaughn, Director at Security Properties, the acquisition was made because, “Echo Lake Apartments falls right in line with our strategy of buying in the best micro-location in a submarket. With direct access to Echo Lake Park, this asset has a significant competitive advantage in its setting over other apartments in the area.”

The property will be managed by Madrona Ridge Residential.



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