Greystar Pays $52M for Suburban Seattle Apartments

LivCor was the seller of the 210-unit community in Tukwila, Wash.
Boulevard at South Station

LivCor, Blackstone’s multifamily arm, has sold Boulevard at South Station, a 210-unit property in the Seattle suburb of Tukwila, Wash. The buyer, Greystar, paid $52 million for the community, public records show, rebranding the asset as Avana at South Station Apartment Homes. Grandbridge Real Estate Capital provided $33.8 million in Fannie Mae financing.

The community last changed hands in October 2017, when LivCor acquired it as part of a 1,196-unit portfolio from MG Properties Group. The deal was valued at $199.4 million, according to Yardi Matrix.

Located at 4708 Southcenter Blvd., the 10-building garden-style community opened in 1979. The property has a mix of studio, one- and two-bedroom apartments, with floorplans between 425 and 1,050 square feet. Amenities include a swimming pool, a fitness center, a tennis court and six laundry facilities.

The community, near the crossroads of Interstate 405 and Washington Route 518, is 11 miles south of downtown Seattle, 2 miles east of Seattle-Tacoma International Airport. Westfield Southcenter, the largest shopping mall in the state, is 1 mile to the southeast.

Blackstone has long been an active player in the Greater Seattle area. At the beginning of August, the global investor paid Greystar more than $300 million for a 432-unit luxury asset in South Lake Union. That deal remains the market’s largest multifamily transaction this year.