Bridge Investment Group Pays $144M for WA Portfolio
- Jan 04, 2019
Bridge Investment Group has acquired two Class B multifamily assets near Seattle—the 300-unit Retreat at Maple Hills and the 382-unit Grammercy Apartment Homes—for $144 million, according to Yardi Matrix. The seller, Fairfield Residential, had purchased the communities in 2016 in two separate transactions totaling $103.3 million.
Wells Fargo Bank originated $93.8 million in Freddie Mac acquisition financing for the new owner. The loan matures in January 2026.
Retreat at Maple Hills, located at 1901 S.W. 320th St. in Federal Way, is positioned 25 miles south of Seattle and 10 miles east of Tacoma. The community, which opened in 1981, offers a range of amenities, including a fitness center, a clubhouse, two swimming pools and laundry facilities in each of the 35 buildings.
Grammercy Apartment Homes is situated at 17425 120th Lane S.E. in Renton, 17 miles northeast of the first property. The 24-building garden-style community is positioned within 2 miles of Washington Route 167. On-site amenities include a fitness center, a business center, a clubhouse, tennis and racquetball courts and two swimming pools.
The two communities contain one-, two- and three-bedroom units, with floorplans ranging from 640 to 1,500 square feet. The portfolio has a weighted occupancy of 94.1 percent, per data from Yardi Matrix.
In October, Bridge acquired a 561-unit community in Denver’s Glendale submarket for $93 million from a partnership between TruAmerica Multifamily and Investcorp.
Images courtesy of Yardi Matrix