Bridge Investment Pays $78M for Seattle Assets
The properties sold almost 20 years ago for half the price.
Weidner Apartment Homes has sold The Ridge and The Shores, two adjacent communities totaling 335 units in Federal Way, Wash. Bridge Investment Group picked up the Seattle-area properties for $77.8 million, public records show.
Marcus & Millichap division Institutional Property Advisors oversaw the transaction on behalf of the seller and procured the buyer.
Weidner Apartment Homes acquired the two properties in 2007 from Crown Pacific Properties for $39 million, or $116,418 per unit, according to Yardi Matrix information.
Institutional Property Advisors’ Executive Managing Director Giovanni Napoli, Senior Managing Director Philip Assouad, Senior Directors Ryan Harmon and Anthony Palladino and Director Nick Ruggiero brokered the deal.
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Completed in 1982 and 1985, The Ridge and The Shores are located at 31912 3rd Lane SW Federal Way. The two properties comprise 39 two-story buildings across more than 13 acres.
The unit mix at The Ridge and The Shores includes one- to three- bedroom floorplans averaging 887 square feet. Units have washers/dryers and fireplaces, as well as private balconies or patios. Common-area amenities include a fitness center, clubhouse, playground, swimming pool and spa. In addition, the property also has about 400 parking spaces.
Retail chains Best Buy and Trader Joe’s, as well as multiple dining options, are within walking distance. Downtown Seattle is some 24 miles north of the property.
Bridge Investment’s recent multifamily deals
The transaction marks an expansion in Bridge Investment Group’s portfolio comprising more than 170 properties across the U.S., Yardi Matrix information shows. Just last year, the company acquired Riverbend on the Charles, a 170-unit, $86M Boston-area asset. This community previously sold for $76.2 million.
Other notable deals from Bridge Investment include the sale of Fox Valley Villages, a 420-unit community in Aurora, Ill. A joint venture between Standard Real Estate Investments LP and The Vistria Group paid $93.2 million for the asset.
