By Jack Stubbs
Following up on Raymond Capital Advisors’ recent acquisition of the Sunset Station Apartments for just over $13 million on February 28th, another apartment property in the city of SeaTac has recently sold. In a transaction that recorded on March 1st, the Hanover Apartment homes sold for $29.4 million, or approximately $187,261 per unit, King County records show.
The buyer was North 5th LLC & Hanover Business LLC, an entity affiliated with Kevin Lin based in SeaTac. The seller was Trinity Property Consultants, the property management division of San Francisco-based FPA Multifamily.
The Hanover Apartments, located at 3117 S 192nd St., is a three-story property that contains 157 units, according to the property listing on apartments.com. Built in 1967, the property is 1.5 miles from Sea-Tac Airport and just over three miles from the Westfield SouthCenter Mall.
The property offers a mix of studio, one- and two-bedroom units that range from 480 to 1,000 square feet and rent for between $1,020 and $1,685. The units feature walk-in closets, extra storage space and patio/balcony.
FPA Multifamily has regional offices in Atlanta, Dallas, Denver, Irvine, Minneapolis and Portland, and operates a portfolio of approximately 27,000 units valued at $5 billion, according to the company’s web site. Nationwide, FPA’s total transactional history includes approximately 530 buildings in excess of 107,000 units for over $11.9 billion.
FPA Multifamily has been active in the Puget Sound region in recent months. In late August 2018, the company sold the 543-Unit Alturas @ Burien Apartments in Burien for $85.5 million, or about $157,458 per unit, to Bel Canto Watt Alturas LLC. In another transaction posted in late August, FPA sold the James Apartments in Lakewood for $18.05 million, or approximately $125,347 per unit, to Watt Companies based in Santa Monica, California.
And in mid-September 2018, the company spent $82 million, or approximately $351,931 per unit, to acquire the 233-Unit Rock Creek Ridge Apartments in North Bend, WA, from Braddock & Logan Homes based in Danville, California.