By Meghan Hall
Suburban residential product is continuing to attract investors, with larger units such as townhomes and condominium complexes being of particular interest. In a transaction that closed on December 18th but recorded just before Christmas, Seattle-based Raymond Capital Advisors purchased The Woodlands in Snoqualmie Ridge townhome complex for $37.75 million, or about $377,500 per unit. Public records show that the seller was Woodlands Townhomes LLC, affiliated with Long Beach, Calif.-based JJM Realty Partners.
The community is located at 34626 SE Swenson Drive. Constructed in 2014, the luxury development includes 100 townhomes. Two-bedroom units within the community begin at around 1,270 square feet and $2,400 per month. Three-bedroom residences range between 1,300 to more than 1,500 square feet, with rents as much as $2,600 per month.
“Surrounded by the breathtaking beauty of Snoqualmie Falls and Mount Si, The Woodlands offers more than just a collection of luxury townhomes, the two and three-bedroom residences create an inviting and serene community of designer-inspired townhomes and single-level townhomes with condominium-quality finishes and stylish design,” the property’s website states.
Units feature hardwood style flooring, painted millwork and custom cabinetry, granite countertops, soaking tubs and private patios and balconies. Community amenities include community-wide WiFi, furnished units, planned social activities and a resident clubhouse with fireplace lounge and exercise room.
“From its picturesque wooded setting with a pond and landscaping, The Woodlands provides a peaceful retreat from the everyday,” explains the property website. “…Located just steps from the Snoqualmie Ridge Trail System, The Woodlands is also within walking distance of restaurants, parks, the library, top rated schools and the shops at the Snoqualmie Ridge Town Center.”
Raymond Capital Advisors has purchased a number of multifamily assets across the Puget Sound over the past couple of years. In February of 2019, the firm purchased the Sunset Station Apartments near SeaTac for $13.9 million, while in March of last year Raymond Capital purchased the Hanover Apartment Homes complex—also near SeaTac –for $29.4 million. In November of 2019, Raymond Capital purchased the Willowcrest Apartments from Invesco for $18.8 million. At $37.75 million, Raymond Capital’s acquisition of The Woodlands makes it one of its largest acquisitions over the past several years and is an indication of the growing apartment market across the region.