By Meghan Hall
Another Seattle multifamily community has traded hands. In a deal that closed before Christmas but just recently recorded, international real estate development firm Greystar sold the Avana on the Lake Apartments for $31.1 million, or about $393,671 per unit. Public records show that the buyer was an entity affiliated with San Francisco-based Jackson Square Properties.
The apartment complex is located at 538 Lakeside Ave. S. and features a mix of 79 studios, one- and two-bedroom units. According to Apartments.com, the apartments range in size from 467 square feet to 1,350 square feet. Rents begin at just under $2,000 per month. While the property was originally constructed in 1967, the asset was recently renovated with wood cabinetry, updated flooring and personal patios. Post acquisition, it has been rebranded to “Lakefront on Washington.”
The community lives up to its name, as the property is situated directly on Lake Washington in a largely residential neighborhood. However, attractions like Lumen Field, T-Mobile Park and the rest of Seattle’s growing South of Downtown District are not far away.
Avana on the Lake’s new owner, Jackson Square Properties, is a privately-held company that specifically focuses on multifamily investment. The company was formed in 2004 to target value-add real estate in “strong” multifamily markets, according to its website. Its main markets include not just the Puget Sound, but Portland, Salt Lake City, Denver and Austin.
Since 2011, Jackson Square has acquired 23,000 apartment units with a total purchase price of over $4.5 billion and sold 15,000 units valued at $2.2 billion. Generally, Jackson Square invests in properties that have a minimum value of $15 million, are value-add or rehabilitation opportunities, and are larger than 100 units. The company owns about 15 assets in the Puget Sound.