Abacus Capital Group Grows Seattle Presence
- Nov 26, 2019
New Standard Equities has sold The Renton Sage—formerly known as The Venue—to Abacus Capital Group, according to Yardi Matrix data. The 284-unit community in Renton, Wash., traded for $59.5 million. HFF originated a $42.7 million Freddie Mac loan for the new owner. Recently, New Standard Equities spent $60 million for a 170-unit garden-style community in Fremont, Calif.
Located at 4455 N.E. 12th St., in a dense residential area, the asset is within walking distance of retail and dining options, as well as roughly 17 miles southeast of downtown Seattle. Completed in phases in 1974 and 1983, the community comprises one- and two-bedroom apartments in 29 two-story buildings spread across a 11.5-acre site. Common-area amenities include two pools, a fitness center, a basketball court and a playground. As of October, the property was 92.3 percent occupied, according to Yardi Matrix.
Senior Managing Director Kenny Dudunakis and Senior Directors David Sorensen and Ben Johnson from Berkadia represented the seller in the transaction. The new owner has selected FPI Management to oversee the community’s operations.