One of Renton’s newer apartment communities, the 166-unit Avaya Trails traded last week for $43 million, or just over $259,000 per unit, according to public records filed with King County. The complex, which was built in 2016, was sold by Mercer Island-based American Classic Homes. The buyers are two, equal-ownership entities associated with Calabasas, Calif.-based First Pointe Management Group, a multifamily property owner of apartment communities in California and Washington.
The Avaya Trails, which is located at 10930 SE 172nd Street is a mix of one-, two- and three-bedroom apartments. Some of the amenities at the property feature a clubhouse, a community garden, walking trails through the wetland preserve and a pet washing station. The units themselves offer open space settings with modern finishes. Based on apartments.com, the one-bedroom units rent between $1,653 – $2,168, two-bedroom units rent for $1,641 – $2,290, and the price points for the three-bedroom units are not listed.
First Pointe owns three other properties in the state of Washington, and all are in the Puget Sound region. They own two properties in Bellevue: The Ridgedale Apartments and The Madison Bellevue. In Seattle, the group owns the Summit at Lake Union. Avaya Trails will be the company’s fourth Washington state property.
Renton properties have been getting some noticeable attention from investors in the recent past, as the city is getting more interest from renters who may find Seattle prices too steep. According to a recent, first quarter of 2017 multifamily market report by Kidder Mathews, the Alaire, a 357-unit complex in Renton sold in the first quarter of this year for $67.5 million, or just over $189,000 per unit. In February of this year, Pacific Urban Residential purchased the 357-unit Wasatch Hills apartment community from Wasatch Pool Holdings for $67,244,853, or approximately $188,000 per unit. Both of these assets were older complexes than the Avaya.
In late 2016, a number of other properties traded, including The Carriages at Fairwood Downs, a 400-unit property that was purchased by Walnut Creek, Calif.-based Sequoia Equities for $97,750,000, or $244,375 per unit. At approximately the same time, the newly-constructed 117-unit Altitude Renton apartment community located at 1600 S. Benson Rd. in Renton sold for $30,185,000, or approximately $258,000 per unit.