By Meghan Hall
Two Los Angeles-based commercial real estate firms have come to an agreement on the purchase and sale of the the Townhomes at Mountain View in Sumner, as well as the Townhomes at Mountain View Main and the Townhomes at Mountain View Valley in Puyallup, Wash. The deals for the three assets–totaling more than $105 million–closed mid-October, but only recently recorded according to Snohomish County public records. In the deal, TruAmerica Multifamily sold both assets to Oaktree Capital Management.
In the largest of the three transactions, the Townhomes at Mountain View Valley at 509 Valley Ave. NE was acquired for $40,673,585 million. Homes are a mix of two- and three-bedrooms, and average about 1,537 square feet, according to the property’s website. Amenities include community events, pet stations, RV storage and an outdoor common grilling area, among others.
In the second deal, Oaktree purchased the Townhomes at Mountain View Main for $36,903,605, or about $167,743 per unit. The property is located at 2309 E Main Ave. Constructed in 2000, the community totals 220 units that are a mix of two- and three-bedrooms. Residences range in size from about 1,160 to 1,782 square feet and rents begin at $2,395 per month, according to Apartments.com. The community features a playground, fitness center, on-site day care, business center and clubhouse.
The third deal totaling $27,422,810, Oaktree acquired additional townhome units located at 14624 72nd St. E, in Sumner. The asset is referred to the Townhomes at Mountain View–Sumner.
The properties’ new owner, Oaktree Capital Management, is a global asset management firm that specializes in alternative investment strategies. The company is one of the largest distressed securities investors in the world, and among its clients are 67 of the 100 largest U.S. pension plans, 475 corporations and 40 of 50 state retirement plans, according to its website.
In addition to real estate, the company also pursues investment in credit, private equity and listed equities. As of June of 2021, the firm had $156 billion worth of assets under management, and 14 percent of its portfolio was dedicated to real estate.