By Kate Snyder
An apartment complex in Seattle traded hands recently in a deal that shows investors continue to be attracted to what the city’s multifamily market has to offer. The Alta Arlo Apartments were purchased for $97 million, or approximately $399,176 per unit, according to King County public records. The buyer was an entity affiliated with Carmel Partners, and the buyer was an entity affiliated with Wood Partners, which was also the property developer.
Located at 4720 Rainier Ave. S., the 243-unit property is positioned in the city’s Columbia City district. Near the multifamily community are other residential properties, retail shops and parks.
The Alta Arlo includes a number of amenities for residents, such as a coworking lounge, private micro-offices available for reservation, entertainment spaces, community bikes and bike storage as well as electric vehicle charging stations, according to the property’s website. The complex offers studios, one- and two-bedroom apartments along with live/work units.
Based in San Francisco, Carmel Partners is an investment and development real estate firm that focuses on multifamily properties throughout the United States, according to the company’s website. Founded in 1996, the company has been active in Seattle for a number of years and has been involved in projects in both northern and southern California.
Wood Partners is a real estate development firm based in Atlanta. The company has been involved in the development of more than 79,000 homes with a combined value of more than $14.1 billion, according to the firm’s website. Its acquisition team is focused on high-growth markets throughout the United States. Wood Partners’ residential arm specializes in property management and the “continuous development of multifamily communities with lasting value.”
The Puget Sound region has seen a number of multifamily properties trade in recent weeks.
In one deal recorded earlier this month, the Carriages at Fairwood Downs, an apartment complex in Renton, was purchased for $107 million, or about $267,500 per unit, according to previous reporting from The Registry. The buyer was an entity affiliated with New York City-based Abacus Capital Group. The seller was an entity that shares an address with Sequoia Equities, a property management company based in Walnut Creek, Calif. Located at 15030 SE 179th St., the 400-unit residential complex offers one-, two- and three-bedroom apartments.
