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Michigan Retirement System Closes on Apartment Portfolio that Includes Six Assets in Seattle Area

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Michigan Retirement System, Simpson Housing, Alaska Permanent Fund Corporation, Seattle, Renton, Redmond, Benson Downs, The Lodge, Neptune, Boulder Creek, Sammamish, Metro, Bellevue, The Timbers, Issaquah Ridge, Simpson Housing, Southern California, Arizona, Colorado, Georgia, North Carolina, Denver, Colorado
The Neptune in Seattle

By Jon Peterson

The State of Michigan Retirement System now owns 100 percent of the Simpson Housing apartment entity after closing on the 50 percent stake in the company that was previously owned by the Alaska Permanent Fund Corporation. The sales price on the 50 percent interest was $1.45 billion, as stated by Michigan in a board meeting document.

There is a total of six apartment complexes in the portfolio that are located in the greater Seattle market. One of the properties is in Renton, the 312-unit Benson Downs, and one in Redmond, the 277-unit The Lodge at Redmond. One of the assets is in downtown Seattle, the 234-unit Neptune complex. The other properties in the portfolio are the 204-unit Boulder Creek in Sammamish, the 317-unit Metro 112 Apartments in Bellevue and the 338-unit The Timbers at Issaquah Ridge in Issaquah.

There are 55 assets in the Simpson Housing portfolio spread out across the country. Some of the other properties in the company are located in Southern California, Arizona, Colorado, Georgia and North Carolina.

The State of Michigan Retirement System has been an investor in the Simpson Housing entity since 1995. Alaska Permanent fund had placed the value on its investment in Simpson Housing at $1.39 billion at the end of 2017. Simpson only invests in apartment complexes on a nationwide basis. It does so either as the sole owner of an asset or in joint ventures with other companies.

Headquartered in Denver, Colorado, Simpson Housing is a fully integrated real estate firm that is organized to deliver a comprehensive range of real estate services primarily focusing on multi-family property management and development, according to a statement by the firm on its web site.