By Meghan Hall
Suburban apartment assets are continuing to attract interested investors as the impacts of the coronavirus pandemic continue to make their mark on the commercial real estate market. In a deal that closed on July 9th, but just recently recorded, the 95 Burnett Apartments in Renton has sold for $40 million, or about $377,358 per unit. According to public records, the buyer is an entity linked with RHA Burnett LLC. The current owner of the property is a limited liability company affiliated with Mark Hafner of HASTA Capital.
The asset is located at 95 Burnett Avenue S. The community features a mix of eight floor plans with studio-, one-, two- or three-bedroom options available for tenants, including two level townhomes. Units are equipped with private balconies and patios, granite countertops, nine-foot ceilings and cherry or maple cabinets. Floorplans range from about 420 square feet to around 1,120 square feet. The community was constructed in 2006 and in all, the complex totals 106 units.
Community amenities include a fire pit and barbecue gazebo, second-floor patio deck, a 24-hour state-of-the-art fitness center and clubhouse.
“ Our apartment community is located in Downtown Renton, Washington – a vibrant neighborhood brimming with boutique shops, restaurants and parks, all within walking distance from your front door,” the property’s website states.
The 95 Burnett Apartments is close to the center of Renton, not far from a large mix of retailers and eateries. The Renton Shopping Center, anchored by a Fred Meyer, is located nearby, as is Chick-fil-A, Starbucks, Chipotle and Ezell’s Famous Chicken. The Cedar River is within several blocks, as is Liberty Park and the Renton Library.
HASTA Capital and Galium Capital initially purchased 95 Burnett in 2018 under a joint venture partnership for $26.85 million. The property was HASTA’s sixth U.S. acquisition.
In recent weeks, a number of suburban multifamily properties have also traded hands as the market picks back up. At the beginning of the month, Highlander and Cascadian, two garden-style communities in Everett, sold for $39.65 million. In June, Acacia Capital Corporation acquired a 221-unit property in Redmond for $97.7 million, while Seattle-based Security Properties closed on a $44 million deal to bring on an equity partner for a Dupont apartment complex.