By Meghan Hall
Another Lakewood apartment asset has traded hands, this time to an investor that specializes in providing housing for military and military families. In a deal that closed in mid-September, a limited liability company affiliated with Chicago-based Accend acquired the Wellstone at Bridgeport Apartments. Accend paid $72.4 million, or about $348,076 per unit, for the property, according to public records.
The seller of the asset is an entity associated with Momentum Partners. The asset is located at 12535 Bridgeport Way SW and was completed in 2019. In all, the apartment complex rises four stories and includes 208 units.
Units are a mix of studios, one-bedroom and two-bedroom units ranging in size from 600 square feet to 1,100 square feet, according to the property’s website. Units feature modern flooring, balconies and outdoor spaces, walk-in closets, AC and updated kitchens. Community amenities include a 24-hour fitness center, pool and pool deck, clubhouse and on-site service team.
“With the arrival of Wellstone at Bridgeport, life in Lakewood is suddenly looking a lot different. Upscale apartment homes,” the community’s landing page states. “Friendly, social neighbors. Eight acres of serenity – surrounded by nature and a park.
The community is located off of Interstate 5, near American Lake, the American Lake VA Medical Center and Clover Park Technical College. Joint Base Lewis-McChord is minutes away from the property.
Investors are increasingly setting their sites on markets like Lakewood, who offer proximity to Seattle but more space to breathe. Also in September, Clarion Partners purchased a 231-unit complex for $60 million. At the end of 2020, Lakewood’s Beaumont Grand Apartments attracted an equity partner for $62.25 million.
Wellstone at Bridgeport’s new owner, Accend, was originally founded in 2016. Its mission is to acquire, own and operate the “finest” military apartment communities across the United States. According to its website, the company has acquired and operated more than $600 million in multifamily acquisitions since its founding. The acquisitions span 17 properties in 15 markets–all of which are near military installations.
The company was launched for several reasons: military residents often have special leasing requirements and ACCEND claims military-based multifamily assets are “unknown” to most investors.
“Military installations have historically been stable economic engines in the regions they serve,” explains Accend on its website. “They will continue to be a source of economic vitality for the foreseeable future. Investors looking for dependable returns and attractive growth should look to multifamily investment opportunities in select military markets.”