By Jack Stubbs
The city of Renton on the southern edge of Lake Washington in King County has been a hotbed of multifamily transaction activity over the last couple of months, with two apartment complexes at The Landing trading for just over $280 million on September 25th and RISE Properties acquiring the Alaire Apartments for $97.5 million on October 8th.
And another transaction that recently recorded indicates that interest in Renton’s multifamily market continues. On Friday, October 26th, the Parkside At 95 Burnett Apartments sold for $26.85 million, or approximately $253,301 per unit, King County records show. The buyer was GH 95 Burnett LLC, an entity affiliated with Henry Pang and Jennifer I. Tilden based in Lakewood Ranch, Florida, and the seller was Parkside at 95-Burnett, LLC, an entity located in Seattle.
The four-story 95 Burnett Apartments, located at 95 Burnett Ave. S., was built in 2006 and contains 106 units, according to the property listing on apartments.com. The complex offers eight different floor plans, with a combination of studios, one-, two- and three-bedroom units ranging from 420 to 1,117 square feet and rents ranging from $1,150 to $2,200, according to the web site for the property.
Some of the community amenities available to residents at the property include a 24-hour fitness center, controlled-access entry, covered parking and a clubhouse, and some of the in-unit amenities include granite countertops, private balconies and hardwood floors.
The web site also emphasizes the asset’s location adjacent to the Cedar River and with easy access to Interstate-405. The property is just half a mile from downtown Renton and less than two miles from The Landing mixed-use development (which comprises more than 30 restaurants and more than 60,000 square feet of mixed-use retail), where two other apartment complexes recently changed hands. On September 25th as part of two separate transactions, Colorado-based Griffis Residential purchased the adjacent 440-unit Reserve Apartments and the 440-unit Sanctuary Apartments for a combined $282.5 million from San Diego-based Fairfield Residential.
More recently on October 8th, RISE Properties in partnership with Tokyu Land US Corporation spent $97.5 million, or just over $273,109 per unit, for the 357-unit Alaire Apartment community located at 611 SW Fifth Ct.
In other news, there is another mixed-use development set to impact the trajectory of Renton in the coming months: SECO Development’s 17-acre Southport Office Campus located at 1133 Lake Washington Blvd. N. and scheduled for delivery in first quarter 2019 will ultimately include three 9-story office buildings comprising more than 700,000 square feet of Class A office space, 30,000 square feet of on-campus retail space, and multiple indoor/outdoor meeting and collaboration spaces.