A Palo-Alto, Calif.-based real estate investment company is continuing to acquire property throughout the Puget Sound with a second multifamily purchase in the same week. The company, Pacific Urban Residential, acquired the Row Apartments in Kent for $46.5 million, or approximately $188,213 per unit, according to King County public records.
The transaction follows the company’s $38.8 million acquisition of the Union Apartments in Federal Way, which closed just a few days earlier. In both transactions, public records show the sellers are the same, a limited liability company associated with Tarzana, Calif.-based real estate investment company Gelt Inc.
The most recently acquired asset, located at 25426 98th Street, is a 247-unit apartment community situated on more than 10 acres of land. The property, which was formerly known as Haven Apartment Homes, features a mix of studio, one-, two- and three-bedroom units as well as a variety of tenant amenities. These include a swimming pool, fitness center, onsite dog park and a laundry care facility, among others.
“When you reside at Haven Apartment Homes, you’re introduced to a brand new way to live in King County. Here, you’re free to spend your days exactly as you please – whether that be kicking back poolside, scrolling your feed or out getting some shopping done at Kent Station,” the property website states.
As well as its close location to Kent Station, the property is also near several parks, Valley Medical Hospital and Westfield Southcenter Mall. Additionally, the property is in close proximity to Interstate 5 as well as State Roads 18 and 167, providing immediate access to the rest of the Puget Sound.
While recently acquiring the two apartment buildings, these transactions are not Pacific Urban Residential’s first moves into the Puget Sound region. In 2017, the company purchased the 357-unit Wasatch Hills apartment community in Renton for $67.2 million, and in 2019, the company acquired the 198-unit Atwater Clearing Apartments in Everett for $40.2 million. Since 2016, the company has spent more than $1 billion in transactions throughout the West Coast.