By Meghan Hall
Two behemoths in the world of multifamily real estate recently closed on a deal for two Seattle properties totaling $133 million. In two transactions that were solidified at the beginning of November, San Mateo, Calif.-based Essex Property Trust purchased the Ray Apartments and the Velo Fremont Apartments from Charleston, S.C.-based developer Greystar. The two properties sold for $61.5 million and $71.5 million, respectively, according to King County property records. Both properties are located in the up-and-coming neighborhood of Fremont, just adjacent to one another.
The Velo Fremont Apartment complex, located at 3625 Woodland Park Ave. N., was built in 2014 and totals 171 residences, bringing the per-unit price of the complex to a bout $418,000. The units feature Berber carpets, deck or private patios and whirlpool appliances. Common space amenities include Hello Alfred Home Management Services, rooftop deck and firepits, bike storage, an exercise room and conference room. Pets of all sizes are welcome.
The Ray Apartments, which sold for slightly less, feature studio-, one- and two-bedroom units at 3636 Stone Way N. According to popular apartment listing site, Apartments.com, the units range in size from about 500 to 1,000 square feet, and monthly rents are often between $1,669 and $4,371. Like the Velo Fremont Apartments, the property is also fairly new and was constructed in 2015. It has 137 units, with the per-unit price of the transaction coming to about $449,000. The Ray Apartment’s amenities include a game room with pool table and T.V, a reading room with fire place and a roof top deck. A fitness center and business center are also available to residents.
The acquisitions are not Essex’s first in Puget Sound region; the firm also owns The Audrey at Belltown, The Cairns, 8th and Republican, among others. The publicly-own trust invests in supply-constrained West Coast markets, according to its website.
Greystar also has a huge presence in the Puget Sound—and nationally. The transactions closed shortly after Greystar announced a $2 billion final close for its 10th U.S. multifamily value-add real estate fund known as GEP X. Upon closing, it was the largest ever fundraise for a U.S. multifamily value-add fund, and GEP X focuses on acquiring existing assets in top U.S. markets that present strong market fundamentals, such as the Puget Sound. Currently, the firm is also highly focused on ground-up development in the region, including the 374-unit Waverly, a 235-unit complex in Seattle’s U-District and the redevelopment of the Seattle Unity Church Site, which Greystar acquired in July for $20 million.
