Prime Residential Acquires Two Seatac Residential Communities, Breaks South King County Record for Per-Unit Price
- Oct 21, 2014
While the city of Seattle has held the spotlight for its residential deals, records seem to be falling elsewhere in King County. The current per-unit record fee in South King County was recently shattered, as the 140-unit Belvedere Apartments community was acquired by Prime Residential for $28 million, or $200,000 per unit.
The company also recently announced the acquisition of the Aspens at Ridgeview, for a fee of around $29 million. The combined total for the two acquisitions stands at $57 million. Both deals were listed and brokered by Matthew Balkman, David Chapman and David Mortensen of Turning Point Realty Advisors in Kirkland, Wash.
Located in the South King County city of Seatac, the two properties were built by Polygon Northwest during the past four years and add 308 units to Prime Residential’s Pacific Northwest residential portfolio. The communities, acquired from two separate entities, are located close to each other, and as a result will be operated by Prime Residential as one single residential community that will be renamed Belvedere at Aspen Heights. According to John Adair, a principal with Prime Residential: “We were attracted by its combination of modern unit finishes, appealing common amenities and excellent access to the growing number of high-quality employers in the area.”
Prime Residential set a new record for per-unit prices in South King County, currently even outpacing the projected median price for metro Seattle. According to real estate data provider Marcus & Millichap Real Estate Investment Services, the median per-unit price in the Seattle metropolitan area stands at around $153,000 per unit.