Laramar Group Acquires Suburban Seattle Property at About $60,000 per Unit

Burien, Wash.–The Laramar Group has acquired Vintage Park, a 543-unit property in Burien, Wash., 11 miles south of Seattle at a rate of low $60,000s per unit.Vintage Park, to be renamed The Heights at Burien, is the fifteenth property acquisition for Laramar Group’s Multifamily Value Fund, which launched in December 2006. The property was acquired directly from the seller.Jeff Elowe, president of the Laramar Group, says, “With major renovations planned, the upgraded property will offer residents high-quality, centrally located apartments in a growing community that otherwise presents a wide affordability gap to home ownership.”Constructed in the mid-1940s, the 543-unit garden-style apartment property located at 1101 SW 139 St., comprises 44 buildings on a 25-acre site. It features one-, two- and three-bedroom apartments all of which will undergo property upgrades.Laramar plans a $12 million strategic renovation to the apartment interiors including the upgrade of kitchens and baths, new lighting and hardware, and the addition of washers and dryers. Major improvements and updates to common areas, will include new siding and roofs, upgraded playground and picnic areas and improved lighting, paving and concrete work. New amenities will include a club room, business center and fitness center.