By Kate Snyder
Multifamily communities in the Puget Sound region are still attracting investors as a Seattle apartment complex recently traded hands for $48.5 million, or approximately $321,192 per unit, according to King County property records. The buyer was an entity affiliated with Green Leaf Capital Partners, a real estate investment firm based in Pleasanton, Calif., and the seller was Broadstone Sky LLC, an entity that shares an address with AEW, a global real estate investment manager. The sale was recorded on Jan. 27.
The property is Broadstone Sky Apartments, more recently known as Green Leaf Sky Apartments, and is located at 4745 40th Ave. in the city’s West Seattle district. Apartment features include in-unit washer and dryer, air conditioning, heating and stainless steel appliances, according to Apartments.com. The property also has community amenities such as a property manager on site, elevator, lounge, fitness center, rooftop terrace and courtyard. The eight-story, 151-unit building offers a mix of studio, one- and two-bedroom apartments.
Nearby attractions include the West Seattle Golf Course, Fairmount Park and Me-Kwa-Mooks Park. West Seattle is home to several distinct neighborhoods with entertainment, restaurants, local businesses and residential areas.
Green Leaf Capital Partners is a vertically integrated real estate investment firm that acquires, renovates and manages apartment properties in select U.S. markets, according to the company’s website. The firm has had a presence in nine states and since its inception has acquired more than $1 billion in multifamily assets with over 7,000 units. Target properties include newer vintage, light value-add and core-plus multifamily investments in submarkets that “appeal to highly educated, stable workforces with proximity to major employment hubs and tech companies,” according to the website.
AEW is one of the largest real estate investment managers in the world with more than 800 clients globally and $89 billion in assets under management across all property types in North America, Europe and the Asia Pacific, according to the firm’s website. The firm has more than 850 employees in 17 offices across the globe.