Greystar Acquires Seattle Property for $98M
This marks the company's fourth purchase in the Puget Sound area in a month.
Marking its fourth Puget Sound area apartment acquisition in a month’s time, Greystar has acquired The Spencer 68 Apartments in the Seattle suburb of Kenmore, Wash., for $98 million.
The seller of the 223-unit property was Main Street Property Group.
Situated at 6631 and 6721 NE 182nd St., The Spencer 68 Apartments was built in two phases, the first in 2015 and the second in 2017. The apartment community features a blend of one-, two- and three-bedroom residences, which include both apartments and townhomes. Some units include lofts. Residences extend from about 600 to 1,676 square feet in size.
Features and finishes of apartments include patios and balconies, bay windows, in-unit washer-dryers, vaulted ceilings and hardwood floors or carpeting.
Occupancy at the time of the transaction stood at 97.7 percent. Common-area amenities of the apartment community included a fitness center.
Located in King County, Kenmore has a population of 22,724. The city provides a dense suburban ambience where residents can bike along Lake Washington or kayak in the Sammamish River. Kenmore is also home to many restaurants and coffee shops.
As for shopping, Kenmore Town Center is an eight-minute drive and Inglewood Square a 17-minute drive from The Spencer 68 Apartments. Five major parks and recreational areas are situated from 2.6 to 5.3 miles from the apartment community. They are Saint Edward State Park, Bruggers Bog, North City Park, Hamlin Park and Northcrest Park.
Bastyr University, University of Washington, Bothell and Shoreline Community College are all located within a nine- to 18-minute drive for residents. Last month, Greystar acquired Boulevard at South Station from LivCor in the Seattle suburb of Tukwilla, Wash.