By Jack Stubbs
Bridge Investment Group, a Salt Lake City, Utah-based commercial and multifamily real estate investment company, has over the last few days added two Puget Sound region properties to its apartment portfolio for a combined $144 million.
Bridge Investment Group recently acquired the Retreat at Maple Hill Apartments in Federal Way, Washington, for $56.85 million, or approximately $189,500 per unit, according to public records filed with King County. The seller of the asset was San Diego-based Fairfield Residential.
The recent sale of the Retreat at Maple Hill property comes just a few days after Fairfield Residential sold another of its Renton properties to Bridge Investment Group: on December 26th, the company sold the 382-unit Grammercy Apartment Homes located at 17425 120th Ln. SE for $87,150,000, or roughly $228,141 per unit.
Retreat at Maple Hill, located at 1901 SW 320th St. in Federal Way, is a two-story property built in 1981 that contains 300 units, according to the property listing on apartments.com. Renovated in 2007, the property offers a mix of one-, two- and three-bedroom units that range from 750 to 1,500 square feet. Rents in the apartment complex range from $1,175 to $1,990.
Located adjacent to 21st Ave SW, the property is approximately three miles southwest of Federal Way and eight miles west of Auburn. The asset is also about three miles from access to Washington State Route 99.
Founded in 1985, Fairfield Residential is a privately held national apartment investment and development company that has 42,000 units under management in 33 geographical markets, according to the company’s web site. The company has been active investor in the Puget Sound market in recent months.
Bridge Investment Group is a diversified real estate investment company focused on a variety of multifamily and commercial assets that span the spectrum from apartment communities, workforce housing and senior and medical properties. The company also has affiliate entities that focus on property management, commercial real estate and mortgage and financing of real estate assets.