By Jack Stubbs
San Francisco-based FPA Multifamily has been active in the Puget Sound region’s apartment market over the last few weeks, and the company recently acquired another asset in North Bend for a hefty sum.
On Monday, September 17th, the Rock Creek Ridge Apartments sold for $82 million, or approximately $351,931 per unit, according to public records filed with King County. FPA Multifamily acquired the property from Braddock & Logan Homes, an apartment developer based in Danville, California that focuses on the Northern California and Pacific Northwest markets.
Neither the buyer nor the seller—who acquired the property for just under $34 million from Holland Residential in February 2005, according to public documents—responded to calls for the comment in time for the publishing of this story.
The three-story Rock Creek Ridge Apartments, located at 1525 Rock Creek Ridge Blvd. SW in North Bend, was built in 1998 and contains 233 units, according to the property listing on apartments.com. Some of the property amenities available to residents include a spa and fitness center, business center, outdoor courtyard and various hiking and mountain biking trails. The units—which comprise a variety of two-, three-, and four-bedroom units—range from 1,277 to 1,708 square feet and rent for between $1,812 and $4,060.
The asset is approximately four miles south of Snoqualmie and less than one mile from the downtown area of North Bend and the North Bend Premium Outlets. Additionally, the property is roughly 13 miles east of Issaquah via I-90 and about two miles north of the Rattlesnake Mountain Scenic Area.
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. The company, 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. Property management is directed through Trinity Property Consultants, an exclusive affiliate of FPA.
FPA Multifamily’s recent acquisition of the Rock Creek Ridge property follows on the heels of a couple other sales recorded in recent months. On August 27th, FPA sold the 543-unit Alturas @ Burien Apartments north of downtown Burien for $85.5 million, or approximately $157,458 per unit, to Bel Canto Watt Alturas LLC, a Pennsylvania-based entity. Also on August 27th, the company sold the 144-unit James Apartments in Lakewood for $18.05 million, or roughly $125,347 per unit, to Watt Companies, a real estate investment company based in Santa Monica, California.
Originally founded in 1947, Braddock & Logan Homes has a development portfolio that includes more than 33,000 new homes, 3,000 apartment homes and 355,000 square feet of retail and commercial facilities, according to the company’s web site. The company operates several apartment properties in Walnut Creek, California, and also operates the Mount Si Court Apartments in North Bend located at 475 E North Bend Way.