Seattle-based Raymond Capital Advisors, formerly Apex Properties Group, purchased the Woodcrest Apartments in Burien for $11.9 million or $158,667 per unit from Seattle-based The Stratford Company, a real estate investment, development and management company. Dylan Simon and Jerrid Anderson from Colliers’ Seattle Multifamily Team brokered the deal.
The recently acquired 75-unit complex that sits at 15800 4th Ave. S., consists of five three-story buildings and includes a pool, several fireplaces and large balconies or patios attached to every unit. The building also offers a parking lot as well as 28 covered carports. Apartments.com lists the complex as being built in 1978 and which underwent a renovation in January 2004.
Raymond Capital Advisors acquired another property, Heather Ridge Apartments, a 107-unit building in Lynnwood in February 2014. The company purchased the apartments from Weidner Apartment Homes for $12,150,000 or $113,550 per unit.
South King County’s apartment market is hot, according to a 2017 Seattle Apartment Market Study from Colliers’ Seattle Multifamily Team. “South King remains one of the most active apartment markets in the region. Rent growth remains strong amidst low vacancy rates while the development pipeline is slow to gain momentum. The market is defined by renters fleeing high rental rates in Urban King and East King, and investors looking for yield,” according to the report. Even more, the report stated, “Rental rate growth in South King beats most markets in the region. Year-over-year growth topped 10 percent while vacancy fell – a truly remarkable occurrence. Given the geographic coverage of South King, it’s clear renters are moving south in search of affordability.”
