Home Finance Greystar Closes on Fourth Apartment Acquisition in a Month, Buys Kenmore Complex...

Greystar Closes on Fourth Apartment Acquisition in a Month, Buys Kenmore Complex for $98MM

Greystar, Kenmore, Main Street Property Group, Seattle, The Spencer 68 Apartments,

By Meghan Hall

Greystar has closed on its fourth apartment acquisition in the Puget Sound in just a little over a month, quickly adding to its regional portfolio. On September 22, Greystar finalized a $98 million deal for The Spencer 68 Apartments in Kenmore, Wash. According to public records, Greystar acquired the asset from Kirkland-based Main Street Property Group.

The property is located at 6631 and 6721 NE 182nd St., and it sold for about $441,441 per unit. According to public records, the development is split into two adjacent parcels, both of which were acquired in the transaction. Rising five stories, the property was developed in 2015 and includes 222 units.

The property features a mix of one-bedroom, two-bedroom and three-bedroom units. Residences are both apartments and townhomes. Certain units also include lofts, according to the property’s website. Units range in size from about 600 square feet to 1,676 square feet and rent for between $1,650 to $3,395 per month, according to Apartments.com. Individual residences feature hardwood floors and carpet, vaulted ceilings, bay windows and balconies or patios.

Community amenities include a fitness center, basketball and volleyball courts, game room and movie theater. A sundeck, grill and picnic area are also accessible to residents.

Greystar has been steadily acquiring multifamily property in the region over the past several months. In several deals that closed between August 11th and 18th, Greystar purchased three separate apartment complexes in Puyallup and Tukwila for a combined $163.55 million. In the deals, Greystar acquired Avana Hamptons, Avana Chestnut Hills and The Boulevard at South Station from Blackstone. 

Earlier this year, in May, Greystar purchased Avana West Hill in Kent 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.

Greystar’s reach extends far beyond Seattle. According to the company’s website, the firm has more than 748,000 multifamily units and student beds under management globally. The company also has $45.1 billion of assets under management, and it has developed more than$22 billion rental housing projects in the United States alone.

As of this writing, Main Street Property Group had not yet returned The Registry’s request for comment.