By Jack Stubbs
Activity in the Puget Sound region’s multifamily market shows no signs of slowing, and local and out-of-town investors alike are looking further afield to acquire in-demand assets.
On Monday, August 27th, the Alturas @ Burien Apartments sold for $85.5 million, or approximately $157,458 per unit, according to public records filed with King County. The buyer was Bel Canto Watt Alturas LLC, an entity based in Plymouth Meeting, Pennsylvania. The seller was San Francisco-based FPA Multifamily, a property management and investment company.
FPA Multifamily, who according to public documents acquired the property for $51.45 million—or approximately $94,751 per unit in January 2016—declined to comment on the transaction. The transaction was recorded on August 28th.
The two-story Alturas @ Burien Apartments, located at 1101 SW 139th St. just north of downtown Burien, was built in 1948 and contains 543 units, according to the property listing on apartments.com. The asset offers a mix of one-, two- and three-bedroom units, according to the web site for the property. The one-bedroom units range from 610 to 675 square feet and rent for between $1,250 and $1,395 per month, while the two-bedroom units range from 721 to 792 square feet and rent for between $1,385 and $1,570. The largest units total 1,000 square feet and rent for between $1,800 and $1,900.
The web site emphasizes residents’ ability to occupy “sophisticated and modern apartments” with styles that are designed to allow for flexible and open spaces, and the pet-friendly rooms also offer individual climate control, washer and dryer and window coverings. Some of the community amenities available to residents include concierge services, on-site maintenance and management services and 24-hour availability.
The property is located adjacent to Seahurst Park and just one mile north of downtown Burien. Additionally, the property is approximately one mile from access to Washington State Route 509 and State Route 518 and roughly ten miles south of downtown Seattle.
Founded in 1985, FPA Multifamily is a real estate investment firm that utilizes institutional private equity for apartment investments, according to the company’s web site. FPA, who has regional offices in Atlanta, Dallas and and Portland, among other locations across the country, has a total transactional history comprising 500 assets in excess of 100,000 units valued at over $10.1 billion, according to the company’s web site. Property management is directed through Trinity Property Consultants, an exclusive affiliate of FPA.
The sales price of $85.5 million paid for the Alturas Apartments dwarfs a couple other apartment sales that have occurred in Burien over the last few months. In mid-April 2018, Optimus Gledhill Partners LLC acquired the 43-Unit Queensview Apartments in Burien for $5.16 million, or approximately $120,023 per unit.
And in early May 2018, FPA Multifamily sold another apartment complex to L5 Investments, who purchased the 97-unit Montrose Apartments located at 220 S. 152nd Street for $15.35 million, or approximately $158,247 per unit.