There seems to be an insatiable demand for multifamily properties across the greater Puget Sound, and West Coast investors continue to pour money into the region. In a transaction that closed on October 27th, Pleasanton, Calif.-based Green Leaf Capital Partners spent $51 million, or roughly $411,290 per door, to acquire the 124-unit TRAD Apartments in Shoreline, according to public documents. The seller was Medina-based Evergreen Point Development, which just completed the project earlier this year.
The five-story apartment complex is located at 17567 15th Ave NE, and it features a mix of studio, one-bedroom and two-bedroom units. It was designed by Caron Architecture and it opened in April of 2021. The units range from 534 square feet to 1,136 square in size and rent between $1,523 and $2,995 per month. The property is described as a boutique, Scandinavian-inspired community that is located along the commercial corridor of 15h Avenue in the North City neighborhood of Shoreline.
The property features open concept floor plans, stainless steel appliances, large closets, full-size washers and dryers and a rooftop deck. There is also a fitness center, charging stations and on-site property management. The property is also in close proximity to the future 185th Street light rail station, Interstate-5, and highly desirable neighborhood amenities.
Green Leaf Capital Partners is a vertically integrated real estate investment company based in Northern California that acquires, renovates and manages apartment properties in select markets in the U.S., according to the company’s website. The company focuses on Class A and B suburban apartment assets with a strong current return and some opportunity for capital appreciation through renovation and market dynamics. Along with properties in Washington, the company also owns assets in Oregon, California, Idaho, Nevada, Utah, Arizona, Colorado and New Mexico.
Green Leaf has been active in the Puget Sound region in the past. It owned the 192-unit Skyline Apartments in Kent in the past and sold it in 2017 to TruAmerica Multifamily for $42.6 million, or approximately $221,875 per unit, according to The Registry’s reporting.
Evergreen Point Development was founded in 2007 by Alex Morcos and Faouzi Sefrioui. The company has developed Park Metro and Cerasa projects in Bellevue, and TRAD in Shoreline. The group is also in the process of developing The Line, which is estimated to be delivered in 2024. It will be a seven-story, mixed-use, multifamily development with approximately 240 units and parking for approximately 160 vehicles, however, the location of the property was not available on the company’s website.