By Jack Stubbs
On Friday September 29th, the Arterra Apartment Homes in Kent sold for $20 million, or roughly $246,913 per unit, according to public records filed with King County. The buyer was Bellevue-based Legacy Group Capital LLC, an entity that provides real estate loans in the commercial and residential markets. The seller was Los Angeles, California-based Pacific Coast Capital Partners, a company that provides real estate debt and equity capital for middle-market real estate projects.
Located at 10031 SE 258th Place in Kent, the Arterra Apartments are in close proximity to other residential complexes such as Parkwood Apartments, Meridian Green Apartments, The Village at Lake Meridian Apartments and the Somerset Apartments. The Arterra Apartments community sits two miles to the southeast of Kent and just ten miles to the southeast of the SeaTac airport. Additionally, the complex is half a mile from access to Washington State Route 516.
Built in 1991, the complex features 81 units across two stories. The complex offers two-bedroom and three-bedroom units, with some of the units coming furnished, according to the property listing on Forrent.com for Pacific Living Properties, Inc., the manager of the Arterra Apartments. The two-bedroom units are approximately 985 square feet with a lease term of 6 to 12 months, while the three-bedroom units are approximately 1,345 square feet. Pricing for the two unit-types is available upon request. Some of the apartment amenities include a fireplace, hardwood floors, walk-in closets, in-unit washer and dryer and a connected patio.
On-site amenities include a business center, heated swimming pool, a club house and fitness center. The web site markets the Arterra Apartment complex as the ideal combination of amenities for potential tenants, “whether you’re entertaining or enjoying quiet solitude, our community is a home where you will feel at ease. Enter a lifestyle that balances your active lifestyle with the perfect environment to recharge and relax.”
Legacy Group Capital provides a variety of different loan options within the real estate industry, according to the company’s web site: bridge loans, a short-term financing option for those looking to purchase a home, and personal rehabilitation investment loans. Additionally, the company provides construction loans for multi-family residential buildings, including ground-up, ‘fix-and-flip’ and spec projects. In the commercial sector, the company provides loans for those looking to buy or refinance a commercial investment property.
Founded in 1998, Pacific Coast Capital Partners has raised, invested and managed over $12 billion of institutional capital, according to the company’s web site. PCCP has approximately $6.4 billion worth of assets under management, with offices in New York, San Francisco and Los Angeles.
PCCP has also been an active player locally in recent months. In February 2017, the company announced that it had acquired a two-property office portfolio in the Seattle region totaling 161,017 square feet: 2505 Second Avenue, a seven-story 72,375 square foot office building in Seattle’s Belltown District; and Evergreen Office Park, a two-building 88,642 square foot office in Bellevue. Additionally, in August 2017, PCCP announced that it had provided an $80 million senior loan to refinance the Thompson Hotel and Sequel Apartments in downtown Seattle, according to the company’s web site.