Home Finance Bellwether Housing Purchases 284-Unit Renton Sage Apartments for $79.8MM

Bellwether Housing Purchases 284-Unit Renton Sage Apartments for $79.8MM

Renton, Bellwether Housing, The Renton Sage Apartments, Abacus Capital Group, Seattle, Sunset Boulevard NE

By Kate Snyder

Three years after its last purchase, an apartment complex in Renton, Wash., is now in the hands of an affordable housing nonprofit organization based in Seattle.

In a sale finalized on Sept. 29, Bellwether Housing bought The Renton Sage Apartments – also known as The Venue Apartments – for $79.8 million from Abacus Capital Group, a firm based in New York, according to public records. The Renton Sage has 284 units, according to Apartments.com, which would put the selling price at $280,985 per unit.

The Renton Sage is located at 4455 NE 12th Street in Renton, on the southern tip of Lake Washington. According to the property’s website, the complex includes a pool, barbecue and picnic areas, clubhouse, courtyard, fitness center and business center. Units include one- and two-bedroom apartments.

The site’s location is a mixed residential and commercial area, with additional apartment complexes in the same neighborhood and local businesses along the nearby Sunset Boulevard NE, according to Google Maps. Nearby attractions according to the property’s website include Gene Coulon Memorial Beach Park, The Piazza, and The Renton Landing Shopping Center.

Bellwether Housing is an affordable housing nonprofit organization that was founded in 1980 to create housing in downtown Seattle so city workers could live close to their jobs, according to the group’s website. Bellwether apartments are home to approximately 4,000 residents at present.

“Bellwether continues to lead the affordable housing industry in finding innovative ways to build strong, healthy communities within its own portfolio and on behalf of other nonprofit organizations,” its website states. “We have developed thousands of apartment homes and numerous community facilities as a development consultant for other nonprofits.”

Abacus Capital Group is a private real estate investment firm founded in 2004, according to the company’s website, and focuses on multifamily investments in the United States. Since its founding, Abacus has acquired at least 31,000 units and invested $4.8 billion into multifamily properties.

“The company was founded with the intention to integrate the best practices from the traditional operator and allocator investment management models,” the firm’s website states.

Abacus purchased The Renton in 2019 for $59.5 million, or about $209,500 per unit, according to The Registry’s previous reporting.

Other recent activity in Renton include the sale earlier this year of the 195-unit Fairwood Landing, a garden-style apartment community, for $61 million, or $312,820 per unit, to San Francisco-based Sack Properties, according to previous reporting by The Registry. The seller was Bellevue-based CES Properties.