Sack Properties Buys Seattle-Area Community for $61M
The new owner plans renovations for the 1981-built property.
Sack Properties has acquired Fairwood Landing, a 195-unit community in Renton, Wash., from CES Properties. The asset traded for $61 million, the third-largest sale price in this Seattle suburb in the past three years. Kidder Mathews represented the buyer.
Built in 1981, the community consists of one- and two-bedroom apartments with an average size of 794 square feet, according to Yardi Matrix data. Interiors feature fireplaces, washers and dryers, while common-area amenities include a swimming pool, spa, fitness center and basketball court. Sack Properties is planning extensive renovations.
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Located at 14121 SE 177th St., the 10-acre property is approximately 20 miles from Seattle and 15 miles from Bellevue, across from the Fairwood Square shopping mall. Other dining and retail options are available along 140th Avenue SE and Petrovitsky Road SE. There are golf courses in the surrounding area, as well as the Jimi Hendrix Memorial. Seattle-Tacoma International Airport is roughly 11 miles away.
Executive Vice Presidents Jerrid Anderson, Brandon Lawler and Dylan Simon of Kidder Mathews negotiated on behalf of Sack Properties. The brokerage recently represented Daly Partners in the sale of Muir Apartments, a 130-unit community in Seattle. According to Yardi Matrix data, nearly 5,400 units have changed hands in the metro since the beginning of the year, for a total of $1.6 billion.