In a transaction that closed on April 14, an apartment complex in Auburn sold for $23,810,000, or roughly $150,696 per unit, according to public records. The 158-unit Windsor Park Apartments, located at 1409 30th St SE appears to have been traded in an equity deal since both the seller (LBP, Inc.) and buyer (Backer Properties LP) are entities associated with the same person, Charles Cheng-En Leung, and share the same address and phone number. The 1967 vintage property is located in a residential part of Auburn, just east of State Route 167 and south of State Route 18.
The acquisition was secured by financing provided by CBRE Multifamily Capital in the amount of $11,713,000, according to public records.
According to the property’s website on Apartments.com, the complex features a mix of studio, one-bedroom and two-bedroom apartments that range in size from 450 square feet to 900 square feet. Monthly rent ranges from $1,095 to $1,650, according to the website.
The apartment complex is located on the south side of the city, in an area that is split between industrial and residential neighborhoods. The location is close to a number of local schools in the Auburn School District and the Outlet Collection Seattle, an outlet mall that features a number of retail and restaurant options.
Most of the transactions in Auburn have been concentrated around industrial properties, which have garnered a lot of interest from national and international investors. Some recent apartment deals in the city included the sale of Madison at River’s Edge apartments in December of 2021 for $33 million, or $275,000 per unit. A smaller, 24-unit Cambridge Lane sold in April of 2021 for $4.2 million, and in October of 2019, Green River Village, a 146-unit apartment complex, sold for $21 million, or $143,835 per unit.