By Meghan Hall
The Puget Sound’s multifamily apartment is heating back up, and institutional investors are continuing to invest in the region. In several deals that closed between August 11th and 18th, but just recently recorded, Greystar has purchased three separate apartment complexes in Puyallup and Tukwila for a combined $163.55 million. According to public records, the seller of the properties are LLC affiliated with New York-based global investment firm Blackstone.
In the largest deal, Greystone purchased the Avana Hamptons apartment complex in Puyallup for $66.25 million, or about $288,043 per unit, based on documents on file with the city. The property is located at 2519 S. Meridian St. Data from Apartments.com indicates that the community was originally constructed in 1990 and contains 230 units. The residences are a mix of one-, two- and three-bedroom floorplans.
Individual units are outfitted with fireplaces, wood-style flooring, energy efficient appliances, walk-in closets and balconies or patios. Community amenities include a clubhouse and business center, a 24-hour fitness center, dry sauna, heated pool and on-site dog park.
“Find your perfect Northwest nest at Avana Hamptons. Our apartment and townhome community offers spacious 1, 2 & 3 bedroom floor plans for rent in picturesque Puyallup, Washington, close to scenic parks, shopping, and the Washington State Fairgrounds,” the property’s landing page states.
The Avana Hamptons community is located just off of State Route 512 in a primarily residential part of Puyallup. The Willows Shopping Center, as well as the South Hill Mall, are a short drive away. Retailers such as Costco, Target and Best Buy are also nearby.
Avana Chestnut Hills, another apartment complex that Greystar purchased, is just located just up the street at 209 21st Ave. SW. Greystar paid $45.3 million, or about $288,535 for the property. Built in 1991, the community has 157 units. Like Avana Hamptons, the community features one-, two- and three-bedroom units and various community amenities such as a fitness center and swimming pool.
In the final deal, Greystar acquired The Boulevard at South Station in Tukwila for $52 million, or about $186,380 per unit. The property is located at 4708 Southcenter Blvd. and features studios, one- and two-bedrooms. Units range in size from about 425 square feet to 1,050 square feet. Built in 1979, the community totals 279 units. Amenities include laundry facilities, playground, pool and fitness center.
In recent weeks, major investors have been ramping up their activity, buying up a number of multifamily communities across the region. Recently, The Shidler Group, based in Hawaii, purchased phase one of the Ethos Apartments complex in Kent for $113 million. Also in Kent, Pacific Urban Residential purchased a 247-unit community for $46.5 million, while in Redmond, Equity Residential acquired the Alexan Central Park Apartments for $105.5 million. The transactions indicate that momentum in the multifamily sector continues to build as major players jump back into the market post-COVID-19.