464-Unit Community Sold for $65.5 Million
- Jan 22, 2008
By Anuradha Kher, Online News EditorFederal Way, Wash.–Fairfield Residential, a privately held real estate operating company, recently bought Glen Park, a 464-unit community spread across 33 acres at West Campus in Federal Way, Wash. for $65.5 million.Apartment Realty Advisors (ARA), a multi-housing brokerage and advisory company, executed the transaction on behalf of Fairfield Residential. “The acquisition of this institutional quality asset, in the much-sought-after Puget Sound area, provides an excellent repositioning opportunity for Fairfield Residential and aligns well with their overall investment strategy,” says ARA Vice President Jim Claeys.Glen Park, located 25 miles south of downtown Seattle, includes a mix of one-, two- and three-bedroom units averaging 1,100 sq. ft. as well as 94 townhouses. It has two resort-style pools, an indoor basketball court, tennis courts, a business center, fitness and cardio center, and saunas. The community is 96 percent occupied.Fairfield manages more than 55,000 multifamily units.