Renton apartment complexes have been a hot commodity in the second half of 2018, and before the year is over, another sizable transaction had taken place in a city that is poised to keep growing in the years to come. San Diego, CA-based Fairfield Residential had sold off its Grammercy Apartment Homes located at 17425 120th Ln. SE, according to public documents. The sale price was $87,150,000, or $228,141 per unit. Fairfield had purchased the property in July of 2016 for $61,250,000, or $160,340 per unit. The buyer is Salt Lake City, UT-based Bridge Investment Group.
The Gammercy property is a 382-unit apartment development constructed in 1985, according to a listing on apartments.com. The complex features a mix of one-, two-, three- and four-bedroom units spread across several buildings. The property features a number of modern amenities including classic kitchens with sleek appliances, full sized washer and dryer units, a new business center with WiFi coverage, newly renovated interiors and resident lounge.
The property is also connected to other points in the region via I-405 and State Route 167.
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 was founded in 1985, and it has been active investor in the Puget Sound market.
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.
The Renton apartment market has been marked by a number of sizable transactions in the second half of 2018. In October, the Parkside At 95 Burnett Apartments sold for $26.85 million, or approximately $253,301 per unit. Just prior to that, in September, two deals that totaled $282.5 million with 880 units were sold to Colorado-based Griffis Residential. The seller of those unit was also Fairfield Residential.