(EDITOR’S NOTE: According to public documents, the property sold for $67,244,853, or approximately $188,000 per unit, and it closed on February 15, 2017. Logan, UT-based Wasatch Group was the seller. They had owned the property since December of 2006, when they paid $42.3 million.)
Pacific Urban Residential (‘PUR’) has purchased the 357-unit Wasatch Hills apartment community from Wasatch Pool Holdings, LLC. The property is located near downtown Renton, and is flanked by major employers in Renton, the Kent Valley, Tukwila, and Seatac.
Developed in 1985, the property has a low density of 17 units per acre, three club houses and large units with an average size of 1,047 SF. The property is located near downtown Renton with easy access to Boeing Renton, just off I-405 with ideal access to Seattle’s city core and major employment hubs.
Dave Schumacher, Senior Vice President of Colliers International represented Pacific Urban Residential.
PUR closed out an active 2016 with over $1 billion in multifamily transactions spread between Portland, the Bay Area and Southern California. The firm is now looking to increase its Seattle investment activities in 2017.
Jesse Mack, Managing Director in PUR’s Seattle office notes that “Pacific has had an office and ownership presence in Seattle for well over a decade. We are seeking to build our existing portfolio, targeting both value-add opportunities and well located cash flow oriented assets. In the region, we are actively looking in Seattle, on the Eastside and in suburban markets as far north as Mukilteo and as far south as Renton.”
The 357-unit Wasatch Hills is a typical property size for Pacific; however, it has invested in properties ranging in size from 8-units up to 768-units and it has been active in acquiring portfolios.
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About Pacific Urban Residential
Pacific Urban Residential is an industry-leading West Coast apartment investor. They are apartment experts with experience in acquiring and executing asset strategies for over 150 apartment communities. Their repositioned communities provide needed housing for over 15,000 West Coast residents. For more information on PUR, visit www.purapts.com or call (650) 856-9800.