By Jack Stubbs
A residential property in Kenwood was last week acquired by a company that focuses on providing affordable housing.
On Thursday, February 8th, the 113-unit Sherwood Apartment Homes sold for $23.75 million, or approximately $210,177 per unit, according to public records filed with King County.
The buyer of the asset was Los Angeles-based SP Investment Fund LLC, a company that invests in real estate and emerging technology with an emphasis on government subsidized apartment buildings. The seller of the property was Kirkland, Washington-based Weidner Apartment Homes, a provider of apartment properties nationwide. The transaction was recorded On February 15th.
Senior managing director Kenny Dudunakis, director Ben Johnson of Berkadia represented the buyer and the seller in the transaction. According to Dudunakis, SP Investment is a first-time buyer in the Seattle area, and the acquisition was part of a 1031 exchange.
The three-story Sherwood Apartment Homes was built in 1997 and contains 113 units, according to the property listing on apartments.com. The property offers a mix of studio, one-bedroom and two-bedroom units. The studios range from 420 to 467 square feet and rent for between $1,120 and $1,680, while the one-bedroom units range from 640 to 744 square feet and rent for between $1,180 and $1,695. The largest units range in size from 930 to 980 square feet, with rents between $1,600 and $2,440, according to the web site.
Some of the amenities available to residents of the Sherwood Apartments include on-site property management services, laundry facilities, controlled access and a courtyard area, while some of the in-unit amenities include walk-in closets, fireplace, and balcony.
Located at 3030 NE 143rd St., the property is roughly three miles to the east of Shoreline and four miles to the north of Northgate. Additionally, the complex is approximately two miles from access to the intersection of Interstate 5 and Washington State Route 523. The property also sits within two blocks of several other apartment communities, including the 96-unit Promenade at the Park Apartments; the 324-unit Array Apartments; and the 100-unit Hidden Creek Village Apartments.
Founded in 1990, SP Investment invests in government subsidized apartment buildings that are affordable to families and seniors with low and very low incomes. The company seeks to create and preserve affordable housing properties, with a focus on attractive designs and finishes, modern amenities and services and long-term physical viability, according to the company’s web site. Since its founding, the company has invested in over 100 projects in excess of over 10,000 units of housing. SP Investment partners with non-profit/community service organizations as well as public and private financing sources in its investments across the nation.
Founded in 1977, Weidner Apartment Homes acquires and builds new apartment communities to offer its residents and associates stability in an ever-changing economic climate, according to the company’s web site. Weidner owns more than 46,000 units throughout the US and Canada.
Some of the company’s other residential properties in the Seattle area include the 78-unit St. James Tower Apartment Homes in Fremont; the 91-unit Vive Apartments in Old Ballard; and the 337-unit Overlook at Magnolia Apartment Homes.
In recent months, Weidner also made its mark in Seattle’s multifamily market. In October 2017, the company acquired the 34-story 313-unit Tower12 Apartments—a luxury property located in downtown Seattle—for $225.3 million from Continental Properties. Tower12 sold for approximately $719,648 per unit, which was a record sales per unit for Seattle’s multifamily market.