Project Description

DuPont, Washington

Clock Tower Village is the premier housing community in DuPont, WA consisting of 188 units located in the Master Planned Community of DuPont Station This pride of ownership asset which is owned by the original builder was built in two phases, 1997 and 2005. Phase I included 117 units and Phase II included 71 units. This asset also has a condominium map in place for future individual sell-off if desired.

The quality of construction coupled with the asset’s pristinely maintained condition both on the interior and exterior differentiates it within the DuPont community and draws a higher income, pride of ownership tenant profile who are looking for more of a single family living environment, rather than just typical rental housing. Clock Tower Village satisfies this desire by contributing a very unique site plan and unit layouts not found elsewhere in the area. With only two other rental communities within the Northwest Landing planned unit development (PUD), both being recently built in the last couple of years, full absorption is now completed and future rent growth has and will continue to accelerate. There are no other multi-residential zoned parcels available for new development in DuPont.

Phase 1 was completely reroofed in 2014 and the majority of units have new appliances, carpet and millwork. With a blend of 14 different floor plans offered in 1, 2 and 3 bedroom configurations, this community offers something to everyone, be it singles, couples or families. All the units have fireplaces, full size washers and dryers and storage. Further instilling a single family neighborhood environment and demographic, all units have enclosed garages with the majority of units offering direct access which is something rarely seen in for rent housing.

Situated on 12.68 acres of low density, beautifully landscaped grounds, this asset has a neighborhood feel situated across 32 buildings with a range of large 1, 2 and 3 bedroom units. Average square footages range from a spacious 1 bedroom of 689 square feet to a 3 bedroom, 3 bath home at 1,597 square feet. The average size of the spaciously designed floorplans offer 1,046 square feet. The neighborhood-like complex has a beautifully equipped community center with Outdoor Pool, Spa, Fitness equipment and Tanning beds for Tenant’s private use.

Transaction Details

CLOSING PRICE

$30,000,000

CAP RATE

5.5%

BUYER

Security Properties

SELLER

Carino and Associates

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