Greystar Acquires $109M Seattle-Area Community
The asset previously traded in 2018 for $97 million.
Greystar has acquired Alaire, a 357-unit multifamily property in Renton, Wash., a Seattle suburb, for $108.5 million, according to public records. RISE Properties and Tokyu Land sold the asset.
Institutional Property Advisors brokered the deal on behalf of the seller and procured the buyer. The property previously changed hands in 2018, when the joint venture acquired the asset from Pacific Urban Investors for $97.3 million—or about $272,609 per unit—, Yardi Matrix information shows.
The garden-style community came online in 1988 and went through recent renovations. Consisting of 17 two- and three-story buildings spread across 18 acres, the property has one-, two- and three-bedroom floorplans ranging between 620 and 1,245 square feet. Apartments also feature private balconies or patios.
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Common-area amenities include a fitness center, two clubhouses with outdoor heated swimming pools, barbecue areas, a sports court and a TV lounge and game room. Additionally, the community has a sauna, dog park and a business center.
Alaire is at 510 Stevens Ave. SW, close to a host of dining and retail destinations and less than 1 mile from downtown Renton. Seattle–Tacoma International Airport is some 5 miles away, while downtown Seattle is 12 miles northwest.
The IPA team included Executive Directors Philip Assouad and Giovanni Napoli, Senior Associates Ryan Harmon and Nicholas Ruggiero, alongside Vice President of investments Anthony Palladino.
Multifamily transaction activity on the rise
Metro Seattle registered $811.8 million in multifamily transactions year-to-date as of July, with 22 properties—about 3,090 units—changing hands, according to Yardi Matrix data. This marks a considerable growth from the 16 communities—almost 1,830 apartments—that traded during that same period last year for $514.5 million. However, the average price per unit dropped year-over-year, from $330,249 to $281,624.
At the beginning of the year, FPA Multifamily acquired Atrium on James, a 300-unit asset in Kent, Wash., for $60.5 million. The firm purchased the asset through its Opportunity Fund VII.
Other notable deals in the market include SRM Development’s purchase of The Mill at First Hill, a 352-unit property in Seattle that traded for $83.6 million in June, Yardi Matrix shows. Sequoia Equities sold the asset.
