Turner Impact Makes 1st Pacific Northwest Foray
- Feb 05, 2020
Turner Impact Capital has purchased Sunset View, a 240-unit community in Renton, Wash. The acquisition marks the buyer’s first purchase in the Pacific Northwest. Turner Impact, a company that focuses on social impact initiatives in affordable workforce housing, is on course to acquire up to 20,000 units through its investment funds, representing roughly $2 billion of properties across the country.
According to Yardi Matrix data, Meter Properties was the former owner of the asset. The company purchased the eight-building community in 2016 from Investors Management Group for $33.6 million. The sale was subject to a $4.5 million Fannie Mae loan that matures in 2024.
Located at 2101 SW Sunset Blvd. in suburban Seattle, Sunset View is 3 miles from SeaTac International Airport and less than 10 miles from the metro’s downtown area. The community features a mix of one-, two- and three-bedroom apartments, averaging 1,090 square feet. Amenities include a clubhouse, swimming pool, fitness center and outdoor game area. Turner Impact intends to upgrade the 1970-built asset by adding low-flow toilets, Energy Star appliances and LED lighting.