By Meghan Hall
Abacus Capital Group is continuing to add to its Puget Sound Portfolio, and on October 22nd closed on a deal to acquire the Amesbury Court Apartments in Seattle. Public records show that Abacus paid $22.55 million, or about $197,807 per unit. The seller of the asset is an entity affiliated with Bellevue-based Chada S. Reddy LLC.
The property is located at 13739 Linden Ave. N. Located in the Bitter Lake neighborhood, the property totals 114 units, according to Apartment.com. Units are a mix of one- and two-bedrooms and range in size from about 636 square feet to 889 square feet. The community was originally constructed in 1990.
The asset is fairly close to Ingraham High School, Jackson Park Golf Course, and the Aurora Shopping Center, anchored by tenants such as LA Fitness, HomeGoods and Asian Family Market Seattle.
At the end of September, Abacus acquired another Puget Sound complex. In the deal, Abacus, based in El Segundo, Calif., bought The Ridgedale Apartments in Bellevue for $144 million, or about $431,138 per unit. Public records show that the seller of the asset is The Ridgedale Holdings LLC, which is affiliated with The Ezralow Company.
Abacus is an independent and privately-owned real estate investment manager originally founded in 2004. The company focuses specifically on the multifamily sector and currently has about $2 billion in assets under management, according to a recent statement from the firm.
Both deals occurred around the same time that AMG announced its investment into Abacus Group. The terms of the transaction were not disclosed, but the deal is expected to close in the fourth quarter of 2021; Abacus senior management will continue to hold a portion of the firm and direct day-to-day operations.