By Jack Stubbs
The residential real estate market in the Puget Sound region is in a constant state of activity, and another apartment property recently changed hands.
On Thursday, January 11th, El Dorado Hills, California-based L5 Investments acquired the Montrose Apartments in Burien for $15.35, or approximately $158,247 per unit, according to public records filed with King County. L5 purchased the property from San Francisco-based FPA Multifamily LLC, an investment firm whose executive affiliate and property management division is Trinity Property Consultants.
Neither the buyer nor the seller responded to calls for comment about the transaction in time for the publishing of this story.
The three-story Montrose Apartments property in Burien was built in 1963 and contains 97 units, according to the property listing on apartments.com. The apartment offers a mix of one- two- and three-bedroom units. The one-bedroom units range between 588 and 743 square feet and rent for $1,245 while the two-bedroom units range from 728 to 911 square feet and rent for between $1,385 and $1,465. Finally, the largest units are 1,130 square feet and rent for $1,735, according to the web site.
Some of the prominent in-unit amenities include hardwood floors, walk-in closets and dining room, while some of the notable community features include fitness center, courtyard area and pool, controlled access and on-site maintenance.
Located at 220 S. 152nd St., the apartment property is just half a mile from Burien, approximately four miles north of Sea-Tac airport, and roughly three miles from access to the intersection of Interstate 5 and Interstate 405. Additionally, the property sits less than half a mile from several other apartment communities including the 151-unit Discovery Landing Apartments; the 66-unit Cierra Commons Apartments; and the 84-unit Maple Point Apartments.
L5 Investments is an apartment acquisition and asset management firm that targets multi-family properties located in strong employment centers that have short- and long-term growth potential, according to its web site. The company targets value-add apartment communities of 50-plus units and repositions them by adding capital improvements and reducing expenses through institutionalized property management services then selling the community as a stabilized asset within five to seven years.
Some of the company’s preferred markets on include Texas, California, North and South Carolina, Oregon and Washington. L5 has been active in the Puget Sound region in recent months. In November 2017, the company announced its acquisition of the 52-unit Raleigh Apartments in Burien for $8.2 million. In October 2016, the company partnered with Seattle-based Shuler Architecture to acquire the 40-unit Columbian Apartments, located in Seattle’s Beacon Hill neighborhood, for $5.82 million.
Founded in 1985, FPA Multifamily LLC has regional offices in Atlanta, Dallas, Denver, Irvine, Minneapolis and Portland. Specializing in acquisitions and finance, property management and development and construction, among other services, the company’s total transactional history includes approximately 490 buildings and 98,000 units that have a value of over $10 billion, according to its web site.
Since June 2017, the company has sold two other assets in the Puget Sound region, including the Stinson, a 93-unit property in Everett and the Harrison, a 135-unit apartment building in Lakewood.