By Meghan Hall
The Puget Sound’s multifamily market is off to an active fourth quarter, as seen by several transactions of various sizes. In a transaction that closed on November 19th, Invesco Real Estate sold the Willowcrest Apartments in Seattle to Raymond Capital Advisors. The three-story, 75-unit complex sold for $18.825 million or $251,000 per unit.
“Offered to the market for the first time by the original developer, Willowcrest provides the new owner with a straightforward value-add strategy in one of the top multifamily investment markets in the nation,” said Philip Assouad, IPA senior managing director in a statement.
Assouad, Giovanni Napoli, Ryan Dinius, and Sidney Warsinske represented the seller, Investco and Tarragon, and procured the buyer, Raymond Capital Advisors.
The property, located at 2425 SW Webster Street in Seattle, was built in 1988 according to rental listing site Apartments.com. The apartment complex comes with amenities such as a community room, club house, coffee bar, balconies and patios, and storage units. The Willowcrest apartments are located in the more residential neighborhood of Delridge, not far from Denny International Middle School, and the Westwood Town Shopping Center, anchored by a Target and Big 5 Sporting Goods.
The acquisition of the Willowcrest Apartments is not Raymond Capital Advisors’ first foray into the hot Puget Sound market. In February of this year, the Seattle-based investment advisor firm acquired the 55-unt Sunset Station Apartments for $13.9 million, or about $253,000 per unit. In February of 2018, they also purchased the 53-unit Taylor Creek Apartments located in South King County. Raymond Capital Advisors acquired the asset for $13.1 million or about $247,170 per unit.
Also this week, RISE Properties and Aegon Real Estate closed on two assets in the Seattle area for a combined $161.4 million. The two firms purchased the 366-unit Mosaic Hills Apartments in Kent for $81 million or $221,311 per unit, as well as the 336-unit Colby Creek Apartments in Everett for $80.350 million or $239,136 per unit. Equity Residential also spent $167.4 million to acquire the 400-unit Broadstone First Hill Apartments in Seattle. The per-unit price was about $418,500, wrapping up a busy week in the Puget Sound multifamily market.