By Meghan Hall
Institutional investors remain active in Puget Sound’s multifamily market, especially on the Eastside, where many companies continue to grow. In a deal that closed today, international real estate developer and operator Greystar purchased a Kent apartment complex for $57.25 million, or about $265,000 per unit. Public documents indicate that the seller is Lake Fenwick Partners LLC, an entity associated with Seattle-based Paragon.
The property is located at 24849 46th Ave. S., and the apartment complex is known as “Avana West Hill.” The property was built in 1988 and includes 216 units. Its buildings rise three stories in height.
The property’s website shows that units range from one-bedroom to three-bedroom in size, and feature hard surface floors, laundry and renovated kitchens. Community amenities include a business center, clubhouse, pool and sauna, as well as a playground and fitness center.
“Enjoy our luxurious apartment amenities, including magnificent patio/balcony views, fireplaces, convenient full-size washer/dryer systems, and easy-to-maintain hardwood floors and hard-surface countertops,” the website states. “From shaker-style cabinets to energy-efficient stainless steel appliances, the modern updates complement timeless designs for a welcoming ambiance you’ll love to take part in.”
The property is located in a more residential area of Kent, just off of Kent Des Moines Road. Interstate 5, the Riverbend Golf Complex and affiliated park, as well as a number of retailers such as Safeway and Big Lots are located nearby.
The multifamily investment market remained hot throughout the spring, and residential assets have proved their worth throughout the course of the pandemic. Throughout 2020, investors favored smaller and more suburban assets, like Avana West Hill, according to analysis by Kidder Mathews. Throughout 2020, 227 apartment deals closed, amounting to about $2.58 billion in volume. The average price per unit came to about $242,400.