Home Finance Blackstone Continues Sale of Puget Sound Properties as Chandlers Bay Apartment Homes...

Blackstone Continues Sale of Puget Sound Properties as Chandlers Bay Apartment Homes in Kent Trades for $90.15MM

Blackstone, Chandlers Bay Apartments, Kent, Harbor Group International, Greystar,

By Meghan Hall

Blackstone has disposed of a few different Puget Sound apartment properties lately, and the latest asset to be sold off is a multifamily complex in Kent. In a deal that closed on August 19th but just recently recorded, the Chandlers Bay Apartment homes traded for $90.15 million, or about $307,680 per unit. Public records indicate that the asset was purchased by Virginia-based Harbor Group International.

The Chandlers Bay Apartment Complex was originally built in 1989 and features a mix of one-, two- and three-bedroom layouts. Individual units, called “villa-style apartment homes,” range in size from about 600 square feet to more than 1,300 square feet, and monthly rents range between $1,526 and $2,746 per month, according to Apartments.com. The property totals 293 units.

Apartments feature wood-style floors, wood burning fireplaces, high ceilings, private balconies and remodeled interiors with white cabinets and stainless steel appliances. The community is pet-friendly and is complete with a “Bark Park,” resident clubhouse, fitness center, swimming pools and playground. Residents also have access to detached garages and carports, as well as a barbecue area and 24-hour maintenance. 

The property is located just off of State Route 167 at 1020 Central Ave. N. The surrounding neighborhood is primarily residential, although the Kent Station shopping center, anchored with a Panera and Gyro Station, is nearby. Other nearby businesses include Hong Kong Market, Nashville Bar and Grill, and others.

In recent weeks, Blackstone has also sold off other local apartments properties.  In several deals that closed between August 11th and 18th, Blacksstone sold three separate apartment complexes in Puyallup and Tukwila for a combined $163.55 million. The buyer of all three assets was Greystar. 

In the largest deal, Greystone purchased the Avana Hamptons apartment complex in Puyallup for $66.25 million, or about $288,043 per unit. Avana Chestnut Hills, which also sold, is located just up the street from Avana Hamptons Greystar paid $45.3 million, or about $288,535 for the property. In the final deal, Blackstone sold The Boulevard at South Station in Tukwila for $52 million, or about $186,380 per unit. 

In recent years, Blackstone has been a huge investor in the Puget Sound, buying up properties across different asset classes and locations. Currently, the firm has $648 billion of assets under management.