Two California multifamily companies traded the 225-unit Puyallup apartment complex Glenbrooke Apartments earlier this month for $27.7 million, or around $123,111 per unit, according to public documents. San Francisco-based Sierra Point Group sold the property to Woodland Hills, CA-based Compass Acquisition Partners in a deal that closed on July 7, 2017.
Glenbrooke Apartments is an affordable housing community located in the souther part of the Puget Sound region. The property, located at 701 43rd SE, was developed in 1998 and is comprised of 12 garden-style residential buildings and 1 community building, including a leasing office and clubhouse, on 16 acres of land, according to the property’s web site. The property also features 464 parking spaces.
This was Sierra’s only property in the state of Washington, according to the company’s web site. It does own two properties in Vancouver, BC through partnerships, but its remaining properties are in California.
Compass Acquisition Partners is a privately held real estate investment firm focused on the acquisition and repositioning of multifamily, land, retail, industrial and office properties in select markets in the United States, according to its web site. It looks to acquire properties over $10 million, and the states where it focuses its investment efforts are California, Washington, Florida, Colorado, Hawaii, Wyoming, North & South Carolina.