HFF Completes $18M Sale of Metro Seattle Community

Watt Cos. acquired The James, a 144-unit community in Lakewood, Wash. The garden-style property offers a mix of studio, one-, two- and three-bedroom units across 14 buildings.

The James
The James

HFF has secured the sale of The James, a 144-unit community in Lakewood, Wash. The company worked on behalf of the seller, FPA Multifamily, and also procured the buyer, Watt Cos., which acquired the asset for $18.1 million. In another recent deal, HFF arranged the $135 million sale of an uptown Denver property.

Located at 4828 SW 123rd St., the garden-style property offers convenient access to large employers, including Joint Base Lewis-McChord, situated adjacent to the community. The James is also close to Interstate 5 and provides easy access to transportation options such as the Sound Transit Lakewood Station.

Built in 1976, The James consists of 14 buildings offering a mix of studio, one-, two- and three-bedroom units averaging 731 square feet. The two-story community has undergone major renovations, which included a resurfaced parking lot, clubhouse and fitness center remodulation and upgrades to approximately half of the units. Common-area amenities include:

  • business center
  • clubhouse
  • fitness center
  • swimming pool
  • cyber café
  • playground
  • courtyard

According to Yardi Matrix data, The James was 97.9 percent occupied as of July and had an average rental rate of $1,193 as of August. Senior Managing Director Ira Virden and Director Christopher Ross were part of the investment advisory team that represented the seller.

Image courtesy of Yardi Matrix

You May Also Like

Latest Stories