Home Finance TruAmerica Sells Off Kent Apartment Homes for $49.5MM

TruAmerica Sells Off Kent Apartment Homes for $49.5MM

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TruAmerica, Somerset Apartment Homes, Kent, King County
Somerset Apartment Homes | Photo: Somerset

By Brittan Jenkins

Los Angeles-based investment firm TruAmerica sold the Somerset Apartment Homes in Kent for $49,535,500 or $150,564 per unit in a deal that closed April 17th. Two LLCs associated with Goodman Real Estate purchased the property retaining partial interest: GRE Somerset LLC acquired a 72.50 percent interest and GV Somerset LLC the remaining 27.50 percent interest.

TruAmerica purchased the property in the second quarter of 2015 as part of a $115 million portfolio across the Pacific Northwest. The group purchased five communities in Oregon and Washington, with three in Kent and two in Portland — marking the group’s first entry into these markets.

One of the group’s assets, Somerset, sold while its sister properties also located in Kent and included in the original portfolio sale remain under TruAmerica’s ownership. Those other two properties are The Lighthouse, which has 76 units, and The Village at Lake Meridian with 177 units.

The largest of the three Kent purchases is the Somerset Apartment Homes, which are located at 25220 109th Pl. SE in Kent. Built in 1988, the three-story, 329 unit complex offers one, two and three-bedroom units that range from 670 square feet to 1,100 square feet. The homes offer a variety of amenities including night patrol, a fitness center, a clubhouse, laundry facilities, patios or balconies, and fireplaces. In addition, Kent Station, a $100 million contemporary urban village development by Tarragon, which includes high-quality retailers and office tenants, is minutes away.

According to Somerset’s website, the property is managed by Dallas-based management group Pinnacle Property Management Services.

A number of other multifamily assets have sold within the last year in the Kent area including a 304-unit property, which was purchased by San Francisco-based Jackson Square Properties for $56,539, 200 or about $186,000 per unit. That deal closed in December of 2016. In September 2016, another California group, MG Properties Group out of San Diego purchased Mosaic Hills Apartments for $51.6 million.