By Meghan Hall
After extensive renovations and transformation, a Burien apartment asset has traded hands. In a transaction finalized on August 26th, Meter Properties sold the Alcove Apartments to a limited liability company affiliated with private investors. The multifamily complex sold for $11.15 million, or about $271,951 per unit, according to public records.
Public records show that the new owners of the property are affiliated with Jared Curtis and Jill Brandt, or Kirkland, Wash.
The asset is located at 12037 First Ave. S. and features one- and two-bedroom units that range in size from about 660 square feet to 988 square feet. The units feature quartz countertops, white painted cabinetry and wood style flooring, as well as patios and in-unit washers and dryers. In all, the apartment complex totals 41 units.
The Alcove Apartments are located in a highly residential neighborhood just off of State Route 509. The property is not far from King County International Airport: Boeing Field, Boeing, and Amazon. Nearby attractions include Seahurst Park, and, slightly more to the West, Vashon Island.
Meter Properties originally acquired the asset in an off-market deal at “favorable pricing,” according to the company’s website. Public documents show that the LLC affiliated with Meter Properties acquired the asset in 2016; however, the documents do not disclose a price.
At the time of its original purchase, Meter Properties noted that the asset was underperforming. Meter undertook a repositioning of the asset, completing “extensive” renovations. Average rents increased from $800 per month to $1,200 per month, an increase of 33 percent over the course of the year. Up until the property’s sale, Meter had intended to hold the asset for cash flow and long-term appreciation.
As a company, Meter Properties strives to take advantage of changing demographics, land and social change in order to maximize investment returns. The company targets well-located urban and suburban locations and Class B and C assets that it can renovate and subsequently improve. Meter Properties owns a number of other apartment complexes throughout the Puget Sound, including Enve in Seattle, The U Student Housing in Bellingham, and Woodhaven in Everett.