By Meghan Hall
Building upon an active first quarter of 2019 for multifamily property transactions, multinational private equity firm The Carlyle Group has snapped up a 100 percent owner-occupied land-lease community near SeaTac for $51.2 million, according to King County property records. The sale, which closed April 1st, was for the Bow Lake Retirement Community located at 18050 32nd Ave. S. The property was sold by Bow Lake Inc., an entity associated with First Commercial Properties, based in Spokane, Wash.
According to King County property data, the property is just over 45 acres and is nearly two million square feet in size with 447 pads. The Carlyle Group paid well beyond the appraised value of the property, which is placed at $27,855,200.
Bow Lake caters to adults aged 55 and over. The community first opened over 50 years ago, and according to Bow Lake’s website, currently has three homes for sale. The three homes range widely age and were constructed in 1961, 1963 and 2019. While the pricing for the newest home has yet to be determined, the two other homes are about $45,000 each. All three homes are one bedroom, one bathroom. King County assessor’s parcel data for the property shows units ranging in size from few hundred to more than 1,000 square feet. Lots rent for between $585 to $750 and include garbage, recycling and access to association activities.
The community boasts an array of amenities including a ballroom, a large fitness room, a billiards area, a pool and hot tub, and a library. A wood working shop and a barber shop are also located on-site.
The Bow Lake Retirement Community is easily accessible via State Route 99 and Interstate 5, and is just minutes from Seattle-Tacoma International Airport. The Parkway Square Shopping Center and Park Place Shopping Center, anchored by major retailers such as Michaels and Old Navy, are about a ten-minute drive away. Bow Lake Reservoir is within walking distance, while Angle Lake is a short drive south.
First Commercial Properties, founded in 1992, manages multifamily housing and land-lease communities throughout the Pacific Northwest. The Carlyle Group, based in Washington, D.C., has a portfolio that extends not just throughout the United States, but globally. The firm manages $216 billion in 343 investment vehicles, according to the company’s website. The company targets four business segments: corporate private equity, real assets — such as the Bow Lake Retirement Community — global credit and investment solutions.