By Meghan Hall
Agoura Hills, Calif.-based property investment firm Madison Residential is slowing expanding its portfolio in the Puget Sound region and closed on its latest acquisition, the Marina Club Apartments in Des Moines, Wash., at the end of January. Madison Residential purchased the property, originally built in 1987, for $15.7 million, or around $203,000 per unit, from Chicago-based Randolph Street Realty Capital, according to public documents.
Located at 2445 S. 222nd St., the complex is comprised of eight three-story buildings, and the units range in size from 580 to 1,013 square feet. A mix of one to three bedrooms, unit amenities include cable, wood burning fireplaces and private balconies. Onsite management, an outdoor pool, sauna and a fitness center are part of the complex’s community-wide amenities package. The complex is managed by Calibrate Property Management, an arm of Randolph Street Realty Capital, and according to the property’s website, rents vary between $1,110 to $1,725 per month.
The Marina Club Apartments is easily accessible via Highway 99 and Interstate 5, and is just minutes from Seattle-Tacoma Airport. Downtown Seattle is roughly 40 minutes away by car.
Randolph Street Realty Capital had originally purchased the property, a single parcel, in November 2014 for $7.6 million. The investment firm, founded in 2009, has acquired over $250 million worth of distressed and value-add multifamily properties in Seattle, Chicago, Fort Lauderdale and San Diego.
The purchase by Madison Residential comes just over a year after it also bought the Bend of River Apartments in Kent for $12.4 million, or around $172,222 per unit from Kirkland, Wash.-based Weidner Apartment Homes. According to Madison Residential’s website, the company invests in mid-sized assets, and over the years has sourced, financed and managed investments consisting of over 5,000 apartments with a total portfolio value in excess of $750 million. The company is currently seeking to acquire medium-sized multi-family assets ranging from 50 to 200 units in the Western United States, and is targeting complexes that enhance its value-add business strategy.