JV Pays $25M For Seattle-Area Apartments

Odyssey Properties and L5 Investments received $17 million in Freddie Mac financing for the purchase.
Arbor Chase

A joint venture between Odyssey Properties and L5 Investments has completed the $24.5 million purchase of Arbor Chase, a 100-unit community in Kent, Wash. The buyer financed the acquisition with a 10-year, $17 million Freddie Mac loan from JLL, according to King County records.

LivCor sold the asset, which it acquired from MG Property Group as part of a $199.4 million, five-community portfolio deal in 2017, Yardi Matrix data shows. The transaction included nearly 1,200 units in California and Washington.

Located on 5 acres at 1615 W. Smith St., the property encompasses nine two-story buildings completed in 1980. The unit mix has two- and three-bedroom apartments between 989 and 1,189 square feet. Amenities include a swimming pool, a spa, laundry facilities and a playground.

The community is a short distance from downtown Kent and the West Meeker Street retail corridor. The property is 3 miles from Interstate 5 and 18 miles south of downtown Seattle.

Last year, a partnership between L5 Investments, Odyssey Properties Group and BH Equities acquired The Crossing at Barry Road, a 624-unit community in Kansas City, Mo. GoldOller Real Estate Investments sold the asset.