By Jack Stubbs
On Friday September 22nd, the Aspen Creek Apartments complex in Puyallup sold for $30 million, according to public records filed with Pierce County. The buyer was Susan Lew and Associates, a San Diego, California-based real estate firm that specializes in property acquisition and asset management services. The seller was Starwood Capital, an investment firm based in Greenwich, Connecticut.
Located at 12724 104th Avenue Court E, the Aspen Creek Apartments are about 4 miles to the south of Puyallup and roughly 15 miles to the southeast of Tacoma. The property also sits in close proximity to transit corridors, just 5 miles from access to State Route 512 and minutes from access to State Route 161.
The complex offers a combination of one-, two- and three-bedroom units. The one-bedroom units total 700 square feet, with rent costing between $1,105 and $1,486, and the two-bedroom units total 890 square feet, costing between $1,274 and $1,655. The largest of the units come in at 1,120 square feet, with pricing available upon request, according to the web site for the property. Additionally, some of the units offer short-term lease options. Some of the highlights in-unit amenities include a private patio or balcony, fully equipped kitchens, fireplaces and a full breakfast bar.
One of the main draws of the complex is its location, with the web site describing the area in Puyallup as a “friendly relaxed retreat tucked away in the middle of a vibrant, dynamic, small city thriving in the western shadow of Mt. Rainier.” Some of the listed on-site community amenities include a clubhouse, coffee bar, fitness center, hot tub, sun deck and swimming pool.
Susan Lew and Associates works with its investors to develop a dynamic acquisition, disposition and management plan for their assets, according to the company’s web site. Some of the company’s local assets include Park at Dashpoint, a 280-unit garden style community in Federal Way; Meridian West, a 181-unit complex on the edge of Puyallup’s South Hill neighborhood; and Waterbrook Apartments, a 189-unit residential community located in Kent.
Founded in 1991, Starwood Capital Group aims to acquire and invest in a wide range of under-performing assets. Since its inception, the company has raised nearly $43 billion of equity capital and currently has over $54 billion of assets under management, according to the company’s web site.