Freshwater Investments Nabs WA Asset

The property’s seven garden-style buildings, 20 miles from Seattle’s city center, contain a mix of one-, two- and three-bedroom apartments.

The Lighthouse Apartments in Kent, Wash.
The Lighthouse Apartments in Kent, Wash.

TruAmerica Multifamily has traded The Lighthouse Apartments, a 76-unit community in Kent, Wash., a southern suburb of Seattle. The buyer, Freshwater Investments, paid $16.5 million for the property, making it their second garden apartment community acquisition in the area. The seller acquired the property in 2015 as part of a $30.3 million portfolio transaction from FPA Multifamily, according to Yardi Matrix. The new owner selected Coast Real Estate Services to manage the asset, and Corey Marx of JLL brokered the transaction.

Located at 10710 S.E. 256th St., the property’s seven garden-style structures sit a short walk from the ShoWare Center, a multipurpose arena home to the Seattle Thunderbirds, and Kent Station, a 470,000-square-foot shopping center. Downtown Seattle, accessible via Interstate 5, is 20 miles to the north. Freshwater’s new acquisition features a mix of one-, two- and three-bedroom rental units, ranging in size from 716 to 1,198 square feet. Community amenities include a business center, a clubhouse with a fitness center, covered parking and a sun deck.

“The cost of housing in Seattle has increased significantly, which has driven residents to the suburbs,” said Marx, managing director at JLL, in a prepared statement. “As a result, Kent and other suburban markets in the region have experienced strong rent growth.”

Image courtesy of Yardi Matrix