Home Finance Griffis Residential Spends $139.5MM to Acquire the 440-unit Sanctuary Apartments in Renton

Griffis Residential Spends $139.5MM to Acquire the 440-unit Sanctuary Apartments in Renton

By Jack Stubbs

Following up on its recent $143 million purchase of the 440-unit Reserve Apartments in Renton, Colorado-based Griffis Residential on September 25th acquired the adjacent Sanctuary Apartments at The Landing for $139.5 million, or approximately $317,045 per unit, King County records show. The seller of both assets was San Diego-based Fairfield Residential. The sale of the Sanctuary Apartments was recorded on September 28th.

The 6-story Sanctuary Apartments, located at 1201 N 10th Place adjacent to the Reserve Apartments in The Landing mixed-use development in Renton, contains 440 units and was built in 2008, according to the property listing on apartments.com. The property offers a mix of studio, one- and two-bedroom units that range from 593 to 1,280 square feet and rent for between $1,435 and $2,435. Some of the prominent property amenities include a business center, clubhouse and conference room, as well as on-site retail space.

The recently-acquired Sanctuary Apartments is less than half a mile from another mixed-use development that is set to impact the trajectory of Renton in the coming months: the 17-acre Southport Office Campus located at 1133 Lake Washington Blvd. N. and scheduled for delivery in first quarter 2019, will ultimately include three 9-story office buildings comprising 727,634 square feet of Class A office space, 30,000 square feet of on-campus retail space (with direct access to 600,00 more square feet of retail at The Landing), multiple indoor/outdoor meeting and collaboration spaces and access to 16 outdoor spaces and rooftop terraces.

Griffis Residential owns and manages approximately 8,000 apartment homes in markets throughout Colorado, Nevada, Texas, California and Washington, according to the company’s web site. Along with the recently-acquired Renton assets, the company’s other Puget Sound region properties include Griffis Seattle South in Federal Way, and Griffis North Creek Bothell and the Griffis Belltown property in Seattle.

Founded in 1985, Fairfield Residential manages 43,300 units nationwide across luxury new construction and renovated apartment homes in urban and suburban infill neighborhoods and tax credit affordable housing properties, according to the company’s web site. Since its founding, Fairfield has developed or acquired over 865 multifamily communities comprising over 250,600 apartment homes with equity of over $6.8 billion.