Gelt Buys 491-Unit Seattle Portfolio

The seller, FPA Multifamily, recently renovated interior and exterior amenities, including the clubhouse, the fitness center and the parking lot of both properties.
The Row

Gelt Inc. has bought a two-property apartment portfolio in the Seattle area for $74 million, marking the company’s first acquisition in the market. The seller was FPA Multifamily LLC. The properties include The Row, a 247-unit asset in Kent, Wash., and The Union, a 244-unit property in Federal Way, Wash. Berkadia Senior Partner Kenny Dudanakis, Broker Ben Johnson, Advisor David Sorensen arranged the transaction.

Located at 25426 98th Ave. South in Kent, The Row is situated on a 10-acre site and includes 13, three-story buildings with pitched roofs. The asset features 32 studios, 35 one-bedroom, 152 two-bedroom and 28 three-bedroom units, with an overall average unit size of 754 square feet. Built in 1981, the property’s common-area amenities include:

  • swimming pool with sundeck
  • clubhouse
  • fitness center
  • basketball court
  • playground
  • spa
  • 494 parking spaces
  • Wi-Fi
  • on-site maintenance & management
  • laundry facility

Kent Station, Westfield SouthCenter Mall and Kent Hill Plaza Shopping Center are all located nearby.

Excellent location

The Union

Built in 1984 and located at 2111 South West 352nd St., The Union is a garden-style community which comprises seven three-story buildings. The property offers 33 studios, 150 one-bedroom and 61 two-bedroom units, with an overall average unit size of 641 square feet. Common-area amenities include:

  • swimming pool with sundeck
  • business center
  • clubhouse
  • fitness center
  • laundry facilities
  • basketball court
  • 243 parking spaces
  • picnic area & grilling stations
  • dog park
  • courtyard.

Tacoma Mall and The Commons are both located nearby.

FPA Multifamily had renovated both interior and exterior amenities, including the clubhouse, the fitness center and the parking lot, and added new signage. The new owner plans to install vinyl plank flooring, new cabinet faces, black appliances and new fixtures, as well as add new amenities to The Union, including a package room and an upgraded barbecue/gazebo area.

“Gelt saw the opportunity to buy these well-located, infill assets with quick access to a tremendous number of local employment drivers in their respective submarkets, all while being about 25 minutes south of downtown Seattle. The growth story for the greater Seattle area over the last couple of years has been outstanding with 48,000 jobs added in 2017 and a projected 53,000 jobs projected to occur in 2018. Seattle’s job growth and unemployment rates are among the best in the nation,” said Keith Wasserman, partner at Gelt, in a prepared statement.

Learn more about Wasserman, who was one of the young commercial real estate executives highlighted in Commercial Property Executive’s 2018 Stars to Watch. 

Images courtesy of Yardi Matrix