By Jack Stubbs
Throughout the last quarter, there have been a number of multifamily sales in the South King County city of SeaTac. And a property in Burien—which is just north of SeaTac and fifteen miles south of Seattle—sold in late March. On March 22nd, the Windsor Court Apartments traded for $9.4 million, or approximately $174,074 per unit, according to King County records.
The buyer was Mary and David Rogge based in Seattle and the seller was Ring Yuba City Co, an entity which shares the same address as real estate consultant Latigo Management Inc. based in Scotts Valley, California. The transaction was recorded on March 29th.
The three-story Windsor court Apartments, located at 219 S. 156th St., contains 54 units and was built in 1994, according to the property listing on apartments.com. The property offers a mix of one- and two-bedroom units that average between 640 and 905 square feet. The controlled-access complex features an exercise room, among other amenities.
Located less than a mile from downtown Burien, the property is adjacent to Moshier Park and also offers convenient access to Interstate-5 and State Route 509, which connects Burien with downtown Seattle to the north.
Burien in particular has not seen too many multifamily transactions over the last few months, though one sale in particular in late 2018 indicates that interest in cities further out from Seattle’s downtown core remains. In August, 2018, San Francisco-based FPA Multifamily sold the 543-unit Alturas @ Burien Apartments—located at 1101 SW 139th St.—for $85.5 million, or approximately $157,458 per unit, to Bel Canto Watt Alturas LLC based in Pennsylvania.
More recently, a couple of multifamily properties in SeaTac—which sits just to the southeast of Burien—have changed hands. On February 28th, Seattle-based investment advisory firm Raymond Capital Advisors acquired the 55-unit Sunset Station Apartments $13.9 million, or almost $253,000 per unit, from CH SeaTac LLC based in California. And on March 1st, FPA Multifamily sold the 157-Unit Hanover Apartment Homes for $29.4 million, or about $187,261 per unit, this time to North 5th LLC & Hanover Business LLC.