Suburban Seattle Apartments Obtain Refi

The property consists of 104 residential units in 10 two-story buildings.

Foster GreensTukwila, Wash.—NorthMarq Capital’s Denver office arranged a $6.7 million refinancing for Foster Greens Apartments at 13865 Interurban Ave. South in Tukwila, Wash. Developed in 1988, the property consists of 104 residential units in 10 two-story buildings.

One-bedroom units rent for about $1,220. The property’s common amenities feature garages, reserved parking, heated pool, fitness center, sauna/spa and sports court. Units have washer/dryers and fireplaces.

Greg Benjamin, senior vice president and Jeff DeHarty, associate producer arranged the refinancing for the borrower, a division of Weidner Investment Services Inc., a Seattle-based owner of  multifamily properties. Ben Katon is vice president of finance & acquisitions for Weidner and Kevin Colard is director of acquisitions.

Tukwila is a near-south suburb of Seattle, and the town is also near SeaTac International Airport. In the overall Seattle metro market in the third quarter of 2015, demand for apartments essentially matched net new supply, 2,136 units to 2,107 units, according the MPF Research. Occupancy remained unchanged at a strong 97.1 percent.

Year-over-year in 3Q 2015, occupancy in metro Seattle was up 0.5 points on demand for 10,188 units. That was impressive progress given the average annual inventory expansion rate of roughly 2 percent to 3 percent over the past 11 quarters, MPF posited. Year-over-year, rents were up 8.3 percent, a seven-year high for the metro.