By Meghan Hall
After five years of ownership, Newport Beach, Calif.-based Sares Regis has sold off Seattle’s Solara Apartments in a deal that closed this week. Public records indicate that the asset was sold for $84 million, or about $352,941 per unit. The buyer of the asset was an entity affiliated with another Newport Beach company, MIG Real Estate.
The property is located at 12736 Lake City Way NE. Sares Regis originally acquired the property in December of 2016 for $62.5 million, or about $273,950 per unit. At the time, the asset was acquired from Denver-based Simpson Housing.
The Solara Apartments were originally built in 2002 and feature 238 residences. The units are a mix of studio, one- two- and three-bedroom homes that are within close proximity of Lake Washington, the University of Washington, the former Northgate Mall, and other attractions.
Individual units come equipped with modern appliances, stone countertops, private balconies and wood-like flooring. Community features include a barbecue, business center, fitness center and theater room.
“We’re focused on our residents’ wants and needs and it shows in our luxurious community and apartment amenities,” the property’s landing page states. “We strive to provide a welcoming atmosphere with all the perks and amenities that will make you feel at home.”
The apartment complex’s new owner, MIG Real Estate, is a privately-held real estate investment and development firm that specializes in multifamily, hotel, retail and industrial and flex properties. Historically, the company has focused on the Sunbelt states and the Western United States. According to its website, the company currently owns 10 million square feet of commercial uses, as well as 1,740 hotel keys and 6,800 multifamily units.
The company lists Washington as one of its target markets and generally seeks out areas with population growth and a lack of housing supply. In Washington, the company owns three other properties: The Becket Apartments, The Berkshire Apartments and the Bradley Park Apartments, all located in Seattle.