By Meghan Hall
Momentum for suburban apartment sales has increased over the past several weeks, with investors deploying capital across the Puget Sound despite a slow first half of the year. In a recent transaction that closed at the end of October but was just recently recorded, San Francisco-based Jackson Square Properties purchased the Griffis Seattle Apartments for $56.5 million, or about $319,200 per unit. The seller, according to public documents, was Greenwood Village, Colo.-based Griffis Real Estate.
The asset is located at 28700 34th Ave. S. in Auburn and totals 177 units. Built in 2003, many units—which are all two-bedroom homes— come furnished. Listings from Apartments.com indicate that residences are between 1,034 square feet and 1,165 square feet in size, and that rents begin at $1,975 per month.
Community amenities are extensive and include a 24-hour fitness center, all season spa, basketball and bocce ball courts, free coffee and tea bar, and pool and clubhouse. The community also hosts planned social events and offers residents its own renters’ insurance program and onsite maintenance.
Initially formed in 2004, Jackson Square Properties aims to purchase value-add real estate, targeting strong multifamily markets. According to the firm’s website, multifamily properties must be worth at least $8 million in value, include 100-plus units, and must present value-add or rehabilitation opportunities. A or B locations are also preferred.
The acquisition is not Jackson Square Properties’ first in the region. Over the past several years, Jackson Square Properties has worked to specifically acquire properties in several markets, including Seattle. At the end of 2018, Jackson Square Properties acquired the Tria Apartments in Newcastle for $315,789 per unit. In 2016, the company acquired the Waters Edge Apartment, a 304-unit community in Kent, for $56.5 million.. Since 2010, the firm has closed on 13,000 apartment units with a total purchase price of $1.4 billion and sold 7,000 units valued at $700 million. Its current portfolio totals 18,000 units and 1,000 mobile home park spaces.