Home Finance Blackstone Puts Lakewood Apartment Complex up for Sale, Pricing Guidance at ~$110MM

Blackstone Puts Lakewood Apartment Complex up for Sale, Pricing Guidance at ~$110MM

Blackstone, Lakewood, Village at Seeley Lake, LivCor, JLL, Seattle, Lakewood Towne Center

By Jon Peterson

New York City-based Blackstone has placed on the market for sale the 522-unit Village at Seeley Lake in Lakewood. The pricing guidance on this sale is approximately $110 million, or roughly $211,000 per unit, according to sources that are familiar with the sale of the property.

Blackstone declined to comment on the sale of the property when contacted for this story. The real estate investor owns this asset through its Chicago-based LivCor unit that Blackstone formed in 2013. LivCor oversees more than 250 communities around the country in 22 states totaling more than 81,000 apartment homes, as stated on its website.

Blackstone has awarded the listing on the planned sale to JLL. A person working on the sale is Ira Virden, senior managing director and co-head of the JLL Capital Markets operation in the Pacific Northwest. He is based in Portland and works on transactions in both Seattle and Portland. JLL also declined to comment when contacted for this story.

Blackstone has been the owner of the property for four years. It had acquired the property for around $63 million at that time. The seller of the asset was Bridge Investment based in Salt Lake City.

The Seeley Lake property is located at 5719 95th Street Southwest in Lakewood. The property was developed in 1989, and it has a total of 39 buildings on a 28-acre site. According to industry sources, the rent collection rate for the months of April, May and June was at 97 percent.

Prior to the decision to place the asset on the market, Blackstone had started a renovation program to the property. The work done so far included exterior and amenity upgrades like a roof replacement and resurfacing an indoor pool and spa. Also, 27 percent of the apartments have been updated with features like stainless-steel appliances, quartz countertops and plank-style flooring.

The apartment complex is located very close to the 48-acre Seeley Lake Park. This area has a one-mile walking trail through some wetlands. The Village at Seeley Lake is a five-minute drive to the Lakewood Towne Center, a major regional shopping area.