Renton, Wash.—Sequoia Equities recently announced the acquisition of The Carriages at Fairwood Downs, a 400-unit apartment building in this Seattle suburb. The property is the ninth acquisition for the firm in the Pacific Northwest and second in the Seattle-metro market since 2015. Developed in 1986, it comprises 436,583 rentable square feet in 36 two- and three-story residential buildings.
Situated on some 30 acres, the property was built as condominiums providing a low-density feel, an above-average unit size of 1,093 square feet and a 50 percent mix of townhomes. Property amenities include a nature trail, two pool decks with Wi-Fi, barbecues, a fitness facility, a leasing center, a clubhouse and electronic keys for after-hours access.
Sequoia’s plans are to invest $4 million in renovation in January to modernize the building’s apartment interior and amenities. Interior improvements will include high-function, low-maintenance features like open kitchen concepts, mudrooms and wood-plank-style flooring. Amenity enhancements will include the addition of a theater, outdoor pavilion, resident lodge and package lockers.
“The Carriages presents an excellent opportunity for our investors to yield a strong return as a result of value-added renovations. Our plan is to reposition the building through interior improvements, as well as amenity enhancements,” Sequoia Equities General Partner & Vice President of Acquisitions Pat Reilly said in prepared remarks.
The acquisition was facilitated by Jon Hallgrimson, Eli Hanacek, Frank Bosl and Josh McDonald of CBRE.
Image courtesy of The Carriages at Fairwood Downs