By Jack Stubbs
On Monday, April 15th, the Whisperwood Apartments in Burien sold for $17.2 million, or approximately $136,507 per unit, King County records show. The buyer was Santa Monica, California-based Lincoln Avenue Capital, an owner, developer and investor in low-income housing complexes nationwide. The seller was Denver-based Alden Torch Financial, an affordable housing management company.
The transaction was recorded on April 17th.
The three-story Whisperwood Apartments, located at 11844 26th Ave. S., was built in 1967 and contains 126 units, according to the property listing on apartments.com. The property offers a mix of studio, one-, two- and three-bedroom units that range from 700 to 1,325 square feet, according to its web site. Some of the community amenities available to residents include a sports court, sauna, covered parking and 24-hour laundry facilities.
The web site also emphasizes the optimal location of the property, which sits in the Riverton-Boulevard Park neighborhood of Burien. “Nestled in a quiet setting, Whisperwood is surrounded by beautiful wooded forests where you can enjoy nature as well as privacy…Whisperwood is ideally located, providing you with easy accessibility to Highway 509, I-5 and Highway 99, as well as South Center Shopping Center, banking institutions, restaurants, entertainment and Sea-Tac Airport.”
Whisperwood Apartments is roughly three miles northwest of downtown Tukwila and four miles south of Boeing Field in the Georgetown neighborhood of Seattle, which has seen a number of industrial projects coming online over the last several months.
There have not been too many multifamily sales in the city of Burien over the last few months, though in early April, Latigo Management sold the 54-Unit Windsor Court Apartments in Burien—located at 219 S 156th St.—for $9.4 million, or about $174,074 per unit.
Founded as an affiliate of the Matthew Bronfman family office, Lincoln Avenue Capital has quickly grown to an industry leading real estate company that focuses on providing low-income families with affordable housing across the United States, the company’s web site states. In terms of its acquisition criteria, the company looks to acquire properties with a gross asset value of over $10 million where more than 50 percent of the units are affordable.
The company’s portfolio includes a number of multifamily assets in Florida, Boston and Nevada, among other locations.
Since its founding in 2010, the assets under Alden Torch Financial’s management have increased to $13 billion in value, according to the company’s web site.