By Jack Stubbs
On Wednesday, August 22nd, an apartment complex in Seattle sold for $19.26 million, or approximately $192,600 per unit, according to public records filed with King County. The buyer was Ridgecrest Timbers Apartments LLC, an entity affiliated with Krista Lin based in Fremont, California. The seller was Investco Financial Corporation, a Sumner, Washington-based real estate property management company that focuses on developing residential apartment communities and industrial properties. The transaction was recorded on August 24th.
Investco did not respond to requests for comment about the transaction in time for the publishing of this story.
The two-story Avenues Apartments, located at 10758 16th Ave. SW, contains 100 units and was built in 1989, according to the property listing on apartments.com. The property includes one- and two-bedroom units, which have access to a patio/balcony. The one-bedroom units total 691 square feet and rent for between $1,469 and $2,938, while the two-bedroom units are 871 square feet and rent for between $1,440 and $3,141. The property also features a fitness center, pool and picnic area.
The asset is located in the White Center area of Seattle in between West Seattle and Burien and is approximately three miles north of Burien and four miles South of South Park. Additionally, the property is roughly six miles west of Boeing Field in Seattle’s Georgetown neighborhood and about two miles from access to Washington State Route 509. The Avenues property is located within a mile of several other apartments including City’s Edge Apartments, Sunset Park Apartments and Nia Apartments.
Founded in 1983, Investco Financial Corporation manages assets held in a private trust centered in real estate, according to the company’s web site. The company operates businesses in manufacturing and distribution, home-building and strategic real estate management, and also provides property development, construction and management services.
By the early 1990s, the company identified the demand for industrial warehouse and distribution centers in Sumner, which led to the development of more than 2 million square feet at the Valley South Corporate Park, a 200-acre property assemblage located at 3104 142nd Ave E. and completed in 2003, according to the company’s web site. The company later expanded into the residential land development sector with the acquisition of Lakeland, a master-planned residential community in South King County that is now home to more than 10,000 residents.
Today, Investco operates 20 residential properties comprising 2,895 units; 11 industrial properties comprising 2.3 million square feet and nine retail/office/mixed-use properties totaling approximately 662,600 square feet. The company also has 1,897 acres of land planned for the future development of apartment, industrial and retail properties, according to its web site.
There were a number of apartment sales in West Seattle—a neighborhood approximately six miles north of the Avenues Apartments—in 2018. In early January, Pacnorth Properties LLC and Rivercroft Real Estate Assets LLC acquired the 195-unit Youngstown Flats for $72 million, or approximately $369,230 per unit, from Bit Investment Fifty-Seven LLC. In mid-April, Bellevue-based Isola Homes sold the 38-unit 4400 Alaska Apartments for $12.54 million to Newport Beach, California-based Madison Investors LP. And on July 31st, 2018, WC Seattle IV SPE LLC acquired the Lofts at the Junction Apartments in West Seattle for $9.5 million from Lofts at The Junction LLC.