By Jack Stubbs
On Wednesday, January 31st, Orange County, California-based Investment Property Group added two assets to its Washington portfolio.
The Spinnaker Landing Apartments and the Regatta Apartments in Burien were sold as a combined portfolio sale, with the Regatta Apartment Homes selling for $16.1 million and the Spinnaker Landing Apartments selling for $12.8 million, according to public records filed with King County. The seller of the properties was Bellevue-based Curtis Capital Group, a a real estate investment firm that specializes in the ownership and operation of apartment communities
Giovanni Napoli and Philip Assouad of Kidder Mathews represented the seller in the transaction.
The three-story Regatta Apartment Homes, located at 1145 S. 216th St., was built in 1983 and contains 86 units, according to the property listing on apartments.com. The property offers one- and two-bedroom units. The one-bedroom units are 670 square feet and rent for $1,320, while the two-bedroom units range in size from 860 to 970 square feet and rent for between $1,440 and $1,540, according to the property’s web site.
Some of the prominent in-unit amenities include wood style flooring, fireplace and private patio and balcony, while some of the community amenities available to residents include a club house, swimming pool, and on-site property management.
The Spinnaker Landing Apartments, located at 21620 14th Ave. S., was built in 1987 and contains 66 units, according to the property listing on apartments.com. The two-story property offers one- and two-bedroom units, according to the property’s web site. The one-bedroom units are between 652 and 689 square feet and rent for $1,320 and the two-bedroom units range from 913 to 968 square feet and rent for between $1,440 and $1,650.
A few of the community amenities available to residents at Spinnaker Landing include a fitness center, on-site maintenance, reserved covered parking and a swimming pool.
The two apartment properties are located just two blocks from each other on S. 216th St. in Des Moines. The assets sit approximately five miles to the south of Burien and roughly four miles to the south of Sea-Tac airport. Additionally, the properties are about two miles from access to Washington State Route 99 and about three miles from access to Interstate 5.
Investment Property Group is a real estate investment firm that specializes in manufactured home communities and RV parks, according to the company’s web site. The company’s portfolio spans the western United States, with residential properties in Arizona, California, Oregon, Utah and Washington. Investment Property Group manages seven other properties throughout the Puget Sound region, with assets in Auburn, Bremerton, Mount Vernon and Buckley, among other locations, according to the company’s web site.
Founded in 2003, Curtis Capital Group focuses on the multi-family sector, looking to find, identity and acquire apartments that have a significant unrealized upside, according to the company’s web site. In terms of its acquisition strategy, the company look for metros with economies that have an expanding job base and a compelling lifestyle component that attracts and retains the city’s residents. The company looks to acquire properties that can be repositioned through renovations, improved management and enhanced marketing.
The company’s portfolio includes properties in Seattle, Austin, San Diego, Minneapolis, Phoenix, and Wyoming. Curtis Capital Group has one other Washington property, the 95-unit Des Moines Station, which it acquired in March 2015.