HFF Completes $18M Sale of Metro Seattle Community

Watt Cos. acquired The James, a 144-unit community in Lakewood, Wash. The garden-style property offers a mix of studio, one-, two- and three-bedroom units across 14 buildings.
The James
The James

HFF has secured the sale of The James, a 144-unit community in Lakewood, Wash. The company worked on behalf of the seller, FPA Multifamily, and also procured the buyer, Watt Cos., which acquired the asset for $18.1 million. In another recent deal, HFF arranged the $135 million sale of an uptown Denver property.

Located at 4828 SW 123rd St., the garden-style property offers convenient access to large employers, including Joint Base Lewis-McChord, situated adjacent to the community. The James is also close to Interstate 5 and provides easy access to transportation options such as the Sound Transit Lakewood Station.

Built in 1976, The James consists of 14 buildings offering a mix of studio, one-, two- and three-bedroom units averaging 731 square feet. The two-story community has undergone major renovations, which included a resurfaced parking lot, clubhouse and fitness center remodulation and upgrades to approximately half of the units. Common-area amenities include:

  • business center
  • clubhouse
  • fitness center
  • swimming pool
  • cyber café
  • playground
  • courtyard

According to Yardi Matrix data, The James was 97.9 percent occupied as of July and had an average rental rate of $1,193 as of August. Senior Managing Director Ira Virden and Director Christopher Ross were part of the investment advisory team that represented the seller.

Image courtesy of Yardi Matrix