By Meghan Hall
Over the past year, while institutional money may has pressed the pause button, smaller private property owners and high-net-worth individuals are continuing to move the market forward. In the multifamily market, the majority of transactions have been at or below the $10 million mark, and the recent sale of a Renton apartment complex continues this trend. According to public records, the Avaya at Town Center Apartments sold for $13 million, or about $250,000 per unit, on June 8th.
The seller is an entity affiliated with Avaya At Town Center 52 LLC, based in Thousand Oaks, Calif. The LLC is affiliated with Cristina Agra-HUghes, as well as Bryan and Marc Ezralow, who are named as trustees. The buyer of the property is Bellingham, Wash.-based Corellia Renton LLC. The entity is affiliated with Matthew Mullet and Icon Real Estate. Summerfield Commercial represented the sellers in the transaction.
The address of the asset is 10436 Southeast Carr Rd. The property was built in 2012 and includes 52 units. According to the property’s website, the complex features a mid of one, two- and three-bedroom units ranging in size from 830 square feet to more than 1,300 square feet. Units feature hardwood floors, stainless steel appliances, patios and balconies and high ceilings. Community amenities include a playground, covered parking, and on-site maintenance.
“Overlooking the Renton Valley, Avaya at Town Center offers great location, affordability, and quality of life,” states the website. “We offer stainless steel appliances, hardwood inspired floors, and space to live and grow all while still being close to shopping centers and public transportation.”
While the multifamily industry is picking up, 50 percent of total sales volume has occurred between the $1.2 million and $5.2 million range in recent months, according to data from Kidder Mathews’ Simon Anderson Group. Deals that have been closing were often between private families, individuals and smaller real estate companies. Such transactions include not just the sale of the Avaya at Town Center Apartments, but the sale of the Oak Terrace Apartments. That deal, located in Lakewood, closed at $10.5 million.
As of May 2021, Puget Sound apartment sales volume came to about $1.2 billion. Larger assets have been coming to market as well, and Kidder Mathews predicts that pent-up demand will lead to higher levels of transaction activity in the coming months.