Company Acquires Lighthouse Apartments In Seattle Metro

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The Editors's picture
Company Acquires Lighthouse Apartments In Seattle Metro

Freshwater Investments has purchased The Lighthouse Apartments, a 76-unit property in Kent, Washington, for $16.5 million, according to a release.

This is the second property in the Seattle metro area that Freshwater has added to its portfolio. The company also owns the 93-unit Stinson Apartment Homes in Everett, WA.

 “The Seattle metro area continues to be a sought-after location with high potential. With this acquisition, we have almost doubled our portfolio here and created new opportunities for our investors,” Alex Rozenfeld, Freshwater Investments Founder and Managing Partner said in the release.

The seller of the property was TruAmerica Multifamily, and its Dispositions & Investment Management Director Christopher Wei said in the release, “Freshwater Investments was as professional a Buyer as we have transacted with. PSA negotiations were expedient, the Due Diligence process was seamless, and closing took place on time and at the price we entered escrow with, which is what we value most.”

Apartments built in 2002

Built in 2002, the three-story Lighthouse community consists of 76 units and offers a mix of one- two- and three-bedroom apartment homes ranging from 716 to 1,198 square feet. The property is located within walking distance to the ShoWare Center, a shopping and entertainment hub popular with the locals and minutes away from the train station connecting Kent with Seattle Downtown. Some of the community amenities include business center, clubhouse with TV lounge, garages, fitness center and sundeck. Freshwater is planning value-add in-unit improvements to offer better homes to the residents.

“The cost of housing in Seattle has increased significantly, which has driven residents to the suburbs,”  Corey Marx, Managing Director at JLL, the firm brokering this sale said in the release. “As a result, Kent and other suburban markets in the region have experienced strong rent growth.”

Lighthouse will be managed by Coast Real Estate Services, the largest property management company in Everett, with 16,000 apartments in Washington and Oregon under its management.

Freshwater Investments is a California based private equity real estate investment firm creating opportunities for private and institutional investors to diversify portfolios and gain attractive returns through co-ownership of multifamily housing properties. For more information visit http://www.freshwaterinvestments.com

 

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