By Meghan Hall
Closing out a few weeks of sizeable multifamily sales across the Puget Sound, the Renton Sage Apartments—also known as The Venue Apartments—has traded in a transaction that closed on Wednesday, November 13th. According to King County property records, New York, N.Y.-based Abacus Capital Group purchased the 284-unit complex from Encino, Calif.-based New Standard Equities for $59.5 million, or about $209,500 per unit.
The property was acquired by New Standard Equities in July of 2016, and its status, per the firm’s website, is listed as unrealized. The Renton Sage is located at 4455 NE 12th Street in Renton, south of downtown Seattle. The complex features two pools, a barbecue area, a kids’ playground and park spread across 11.5 acres. Indoor amenities include a fitness center, newly remodeled club room, game area and business center.
Residences at The Renton Sage are either one- or two-bedroom, ranging in size between 590 and just over 800 square feet. While pricing for one-bedroom units was unavailable, two-bedroom units are priced at about $1,500 per month.
The past few weeks have been strong for apartment sales throughout Puget Sound; other recent transactions include Essex Property Trust’s acquisition of two Seattle apartment complexes—Velo and Ray— for $133 million. The publicly-owned trust purchased the properties from Greystar. Vulcan Real Estate also sold the Orion SLU apartments to Belkorp for $69 million. The per-unit purchase price in the transaction was about $535,0000. Vulcan Real Estate also sold the 209-unit Augusta Apartments to Security Properties for $98.1 million, or about $469,000 per unit.
Abacus Capital Group, based in New York, focuses on up-and-coming markets, pursuing acquisitions, pre-sale purchases, ground-up development and rehabilitations in niche submarkets in large, metropolitan areas, like Renton. Its acquisition of the Venue Apartments is not its first project in the Puget Sound; the firm also owns the Residences at 3295. The group also owns 24 other properties throughout the country, including Jackson Flats in Hayward, Calif., Mountain Vista in Las Vegas and Level at Sixteenth in Phoenix.