Lake Forest Park, Wash.—Guardian Real Estate Services has sold Watercrest Apartments, a 174-unit garden-style community in Lake Forest Park, a suburb of Seattle. Weidner Apartment Homes acquired the asset free and clear of debt for $24.3 million. Holliday Fenoglio Fowler marketed the sale.
“This property offered investors an excellent opportunity to acquire a well-located, recently renovated asset with value left to be created,” says Ira Virden, director at HFF. “This property will benefit from the booming economic climate in Seattle, which will further drive NOI growth.”
Watercrest Apartments is located at 14812 Bothell Way less than 1,000 feet from the north shore of Lake Washington. The 1968-built community was most recently renovated in 2008. Amenities include a swimming pool, sauna, 24-hour fitness center, covered parking and a clubhouse.
ARA brokers two sales in Boulder
Boulder, Colo.—ARA has announced that it brokered the sale of the 50-unit Villa Del Prado (built in 1974) and the 32-unit Chataeu Apartments (built in 1968) in Boulder, Colo. ARA Colorado’s Terrance Hunt, Shane Ozment, and Andy Hellman represented the sellers, both private local investors, of both properties in the transaction.
A local private real estate investor purchased the two properties and plans on consolidating the two operations into one. Villa Del Prado closed at $10.5 million, while Chateau closed at $6.3 million.
“The two assets have been owned for multiple generations with minimal upgrades,” says ARA’s Hunt. “The buyer intends to substantially rehab the properties and hold long term, while taking advantage of the economies of scale due to the proximity of the two properties to each other.”
Colliers arranges $2.35M sale of property at $106,818 per unit
El Cajon, Calif.–The San Diego office of Colliers International announces the sale of a 22-unit apartment community located at 909 Sunshine Avenue, El Cajon, Calif., for $2.35 million, or $106,818 per unit. The two building community totals 17,978 square feet.
The seller, Southwinds Apartments Inc., was represented by Peter Scepanovic and Corey McHenry of Colliers International. The buyer was Southwinds Apartments LLC.
“This well located East County apartment property received multiple offers and was sold at the asking price. This shows strong demand for quality, small apartment properties,” says Scepanovic, senior vice president.