By Jack Stubbs
The Puget Sound region’s multifamily market is hot, and another apartment complex just north of Renton recently changed hands.
On Wednesday, February 21st, the 53-unit Taylor Creek Apartments in South Seattle sold for $13.1 million, or approximately $247,170 per unit, according to public records filed with King County. The buyer of the asset was Seattle-based Raymond Capital Advisors, an investment advisory firm. The sellers of the properties were Taylor Creek Apartments LLC an entity affiliated with Renton-based CHG Building Systems Inc., a company run by the Grouws family that provides a variety of construction services.
The brokers on the deal were Philip Assouad, Giovanni Napoli, and Ryan Dinius of Kidder Mathews.
The Taylor Creek Apartments is a new construction multifamily community comprised of 53 units. The one-bedroom units are 750 square feet and rent for $1,450 while the two-bedroom units range between 932 and 1,017 square feet and rent for between $1,650 and $1,815, according to the property’s web site.
Some of the in-unit amenities include patio/balcony, walk-in closets and showers, while some of the community amenities available tor residents include an outdoor picnic area, bike racks, controlled access and covered parking.
The asset, located at 7050 S. 116th Place, is approximately two miles to the north of Renton and eight miles to the north of Sea-Tac Airport. Additionally, Taylor Creek is roughly 5 miles from access to the intersection of Interstate-5 and Interstate-405.
Raymond Capital Advisors manages 30 accounts totaling roughly $12.1 million and provides investment management services to 25 clients, according to the company’s web site on credio.com.
CHG Building Systems provides a variety of construction to its clients across various sectors including healthcare, industrial, building renovation, mixed-use, commercial and residential, according to the company’s web site. Some of the company’s current projects in the Puget Sound region include the Kent Bridge Replacement project, the construction of a 60,000 pound steel pedestrian bridge; the construction of an 83,600 square foot Recovery and Transfer Center in Tacoma; and the four-building 20,000 square foot Holgate Square project, located just south of downtown Seattle.
The sale of the Taylor Creek Apartments comes at a time when the multifamily market in Seattle has been active and shows little signs of slowing. According to Colliers Seattle’s 2018 Seattle Apartment Market Knowledge Report, 2017 was a record-breaking year for the Seattle multifamily market as investors traded over $1.4 billion worth of apartments and developers opened 7,755 new units, with in-migration, job creation and median income growth all continuing to accelerate and surpass the national average. The trajectory of the multifamily market and the future delivery pipeline remains robust: 18,146 new units have been delivered in the past 3 years in Seattle from 2015 to 2017 and 8,182 units are scheduled to deliver in 2018, while 9,197 units are expected to deliver in 2019, according to the report.