Blackstone Pays $175M for Pacific Northwest Portfolio

Built between 1980 and 1992, the Class B properties include 935 units near Seattle plus 104 apartments outside Portland, Ore.
The Windsor. Image via Google Street View

TruAmerica Multifamily has finalized the disposition of a six-property, 1,039-unit multifamily portfolio in the Seattle and Portland, Ore., metros. The Blackstone Group acquired four of the assets for a combined $174.8 million, according to King County records.

Entities registered by Blackstone prior to the deal also indicate that the transaction includes 188 units in Lynnwood as well as a 104-unit community in the Portland suburb of Vancouver, Wash. Although sale documents were not available at the time of publication, the two assets had a combined assessed value of $52.1 million at the start of the year.

The properties in the portfolio include:

  • The Commons—260 units at 190 S. 334th St. in Federal Way;
  • The Windsor—202 units at 4415 Fifth St. NE in Renton;
  • Constellation—132 units at 1455 Puget Drive S. in Renton;
  • Ridgegate—153 units at 24808 100th Place SE in Kent;
  • Alderwood Park—188 units at 18031 36th Ave. W. in Lynnwood; and
  • Passage—104 units at 12800 SE Seventh St. in Vancouver.

The communities were built between 1980 and 1992 and have a variety of one-, two- and three-bedroom floorplans between 600 and 1,216 square feet. On-site amenities include swimming pools, spas, gyms and business centers.

In October, The Blackstone Group paid $63 million for The Palmer, a 318-unit luxury community in Charlotte, N.C. A joint venture between Dominion Realty Partners and Edge Principal Advisors sold the asset.