By Kate Snyder
An apartment complex in Renton traded hands recently, showing that investors continue to be attracted to the city’s multifamily market. The property, Sunset Terrace, was purchased by multiple entities affiliated with Olympia Hotel Group, LLC, which is linked to Manmohan Dhillon of Lynnwood, Sunset Living, LLC, based in Washington, and Sunset Terrace WA, LLC, which is linked to Jim Christensen of Invalus, an equity investment firm, according to King County property records. The seller was an entity that shares an address with iCap Equity, an equity fund based in Seattle. The sales price was $44 million, or approximately $407,407 per unit.
Located at 2715 Sunset Ln NE, Sunset Terrace is managed by Indigo Real Estate and offers floor plan layouts consisting of studio, open one-, one- and two-bedrooms as well as two-level townhome-style apartments. Units range in size from 456 to 1,206 square feet, according to the property’s website. Apartment amenities include in-unit washers and dryers, air conditioning ports for portable units, quartz countertops and satin nickel hardware. Community highlights feature a clubroom with a kitchenette, big screen TV and shuffleboard, an outdoor plaza with shared seating, covered food prep area and barbecue areas and a shared coworking lounge with five private work pods and an open conference table.
According to Apartments.com, the property was constructed this year and totals 108 units across a six-story building.
Renton has seen several multifamily properties trade in the past year.
Last year, Bellwether Housing bought The Renton Sage Apartments – also known as The Venue Apartments – for $79.8 million from Abacus Capital Group, a firm based in New York, according to The Registry’s previous reporting. The Renton Sage has 284 units, which would put the selling price at $280,985 per unit. The Renton Sage is located at 4455 NE 12th St., on the southern tip of Lake Washington.
Also last year, Fairwood Landing, a garden-style apartment community totaling 195 units, sold for $61 million, or approximately $312,820 per unit. The buyer was San Francisco-based Sack Properties, and the seller was Bellevue-based CES Properties. The apartment building was constructed in 1981 at 14121 Southeast 177th St. At a sale price of $61 million, it was the third largest sale in Renton in the previous three years.
