By Jack Stubbs
An apartment property in Renton recently changed hands for a significant sum.
On Friday, June 15th, Newport Beach, California-based MIG Real Estate acquired the Becket Apartments in Renton for $58.7 million, or approximately $225,769 per unit, according to public records filed with King County. MIG, a company that invests in and operates a variety of hospitality, retail, office/flex and multifamily properties across the Western U.S., purchased the property from New York-based Abacus Capital Group, a national developer of multifamily properties.
Abacus Capital Group acquired the property in December 2015 for $40.5 million.
Neither the buyer nor the seller responded to calls for comment about the transaction in time for the publishing of this story.
The three-story Becket Apartments, located at 12000 SE Petrovitsky Road, was built in 1989 and contains 260 units. The garden-style apartment community features 26 two- and three-story buildings. The property offers a mix of one-, two- and three-bedroom units, according to its web site. The one-bedroom units are 637 square feet and rent for between $1,333 and $1,757, and the two-bedroom units range from 913 to 970 square feet and rent for between $1,487 and $1,618. The three-bedroom units total 1,221 square feet and rent for between $1,890 and $2,040.
The apartments feature wood-style flooring, private patios and fireplace. Some of the community amenities include a state-of-the-art fitness center, clubhouse, indoor swimming pool and on-site property management.
The property is approximately three miles south of downtown Renton and seven miles north of Kent. The asset is also roughly four miles from access to the intersection of Interstate-405 and Washington State Route 167.
MIG Real Estate invests in a variety of product types—including retail, office, industrial and multifamily—across the Western U.S. Since 2009, the company has acquired more than 9 million square feet of investment properties totaling approximately $1.8 billion in assets, according to its web site. The company has assets under management in California, Colorado, Florida and Washington, among other locations.
Some of MIG Real Estate’s properties in the Puget Sound region include Canyon Park 228 Corporate Center, a two-story, 105,000 square foot office property in Bothell, and the 274-unit Berkshire Apartments in Renton.
Founded in 2004, Abacus Capital Group acquires, redevelops and manages multifamily properties throughout the U.S. The company’s portfolio—which includes properties in Georgia, New Mexico, Texas, California and Minnesota, among other locations—is comprised of a variety of property types including physical rehabilitation, pre-sale purchases and new developments. The company also operates the 369-unit Brookside 112 Apartments in Vancouver, Washington.
There have been a number of multifamily property sales in Renton in recent months. On October 31st, 2017, California-based Aukum Management acquired the 174-unit Montclair Heights Apartments from TruAmerica Multifamily for $47.8 million, or approximately $274,712 per unit. And on January 31st 2018, Lake Union Partners sold the 52-unit Redtown Apartments for $11.98 million, or approximately $230,480 per unit.