By Meghan Hall
A multifamily community in the growing suburb of Auburn, Wash., has traded hands just before the end of the year. In a deal that closed on December 16th, according to King County public records, the Madison at River’s Edge Apartments sold for $33 million, or about $275,000 per unit. The buyer is a limited liability company affiliated with LEDG Capital, while the seller was an LLC associated with Greg Beach at Daylight Investors and Jason Sawchuk, partner at Madison Residential.
The property is located at 1741 22nd St. NE. According to the property’s website, the community features newly-renovated, one-, two- and three-bedroom units. Units feature large closets, ceiling fans, window coverings and patios. Community amenities include a clubhouse, barbecue and picnic area, fitness center and pool.
“Madison at Rivers Edge is a well-located apartment home community that is providing the new ownership with a unique opportunity to execute their business plan,” said Berkadia’s Ben Johnson. “It was a pleasure representing the seller and seeing the sale process through from start to finish.”
In all, units range from 975 square feet to 1,130 square feet and rents begin at about $1,700 per month, according to Apartments.com. The community was originally constructed in 1976 and totals 120 units.
The complex is located in a largely residential neighborhood; however, it is not far from conveniences like the Auburn Municipal airport and a shopping center anchored by Fred Meyer and Lowe’s Home Improvement. The Auburn Golf Course, as well as The Outlet Collection Seattle, are also nearby.
The community’s new owner, LEDG Capital, strives to create and acquire both affordable and workforce housing. Currently, the organization’s portfolio spans 6,000 units across 60 properties and 13 states. The company operates under the motto, “All good development is local.”