FSC Realty Buys Seattle-Area Community for $58M
The real estate investment firm picked up the 230-unit multifamily asset from Goodman Real Estate. Berkadia arranged the sale of the property, located in the Seattle suburb of Lynnwood.
FSC Realty LLC has purchased Altia, a 230-unit multifamily property in the Seattle suburb of Lynnwood, Wash., for $58 million. Berkadia represented the seller, Goodman Real Estate, in the transaction.
Built in 2014, the property at 16520 Larch Way offers a variety of apartments ranging from one- to three-bedroom floorplans. The units are nearly 94 percent occupied, according to Yardi Matrix data. Altia’s community amenities include a pool, playground, fitness center and sundeck. The property is within close proximity to retail offerings along 164th St. SW as well as Hauge Homestead Park, which is a short drive away.
Senior Managing Director Kenny Dudunakis and Senior Directors David Sorensen and Ben Johnson of Berkadia’s Seattle office brokered the sale. “Altia is well positioned in South Snohomish county along the path of growth,” commented Johnson in prepared remarks. “The Lynnwood and Mill Creek submarkets have seen extremely strong performance over the past 24 months that we anticipate to continue.”
FSC recently spent $52 million to acquire Alta Midtown, a 225-unit apartment community in midtown Phoenix, from Wood Partners. The privately owned real estate investment firm is based in Beverly Hills, Calif.