Home Finance SRM Development Buys Four-Building Multifamily Portfolio in Seattle for $76MM

SRM Development Buys Four-Building Multifamily Portfolio in Seattle for $76MM

SRM Development, Track 66 Apartments, Blueprint Capital, Seattle, Roosevelt, Alloy Apartments, Luna Apartments, Vega Apartments, West Seattle, Queen Anne
Image credit: Stephen Plopper

By Kate Snyder

A Spokane-based real estate company recently acquired multiple apartment complexes across Seattle in a $76 million portfolio deal, according to King County property records. The buyer for all was listed as an entity affiliated with SRM Development and the seller was an entity affiliated with Blueprint Capital.

The sale includes the 75-unit Track 66 Apartments for $19.4 million, or $258,666 per unit; the 71-unit Luna Apartments for $19 million, or $267,605 per unit; the 68-unit Alloy Apartments for $23.4 million, or $344,117 per unit; and the 58-unit Vega Apartments for $14.2 million, or $244,827 per unit, according to public records.

The 68-unit Alloy Apartments was sold for $23.4 million, or $344,117 per unit. Located at 802 Fifth Ave. N. in the city’s Queen Anne neighborhood, the complex is a two-story building that was constructed in 2019 and sits on 0.22 acres, according to Apartments.com. Track 66 Apartments is a six-story building located at 838 NE 66th St., in the city’s Roosevelt neighborhood. Also in Roosevelt, the Luna Apartments is located at 6921 Roosevelt Way NE. Finally, the Vega Apartments is located in West Seattle at 4528 44th Ave. SW.

All four communities offer studios with some live/work units. Amenities in all include stainless steel appliances, hardwood-style plank flooring, rooftop decks with barbecue and lounge seating and controlled-access entryways, according to each property’s website.

Each of the four communities are part of a partnership between SRM and the Urban League of Metropolitan Seattle to preserve 354 units across six apartment buildings throughout the city for affordable housing, according to a released announcement. Financing support for the $97 million dollar deal came from Amazon’s Housing Equity Fund and the City of Seattle’s Office of Housing, which creates the opportunity for long-term low-and-middle-income rents.

SRM is a privately owned real estate company, according to the firm’s website, and specializes in multifamily, senior housing, affordable and mixed-use developments in high barrier, urban markets across the western United States.

Earlier this year, SRM acquired The Radford Building in Bellevue for $20 million, or about $1,772 per square foot, according to The Registry’s previous reporting. In a separate project, the firm also previously announced a partnership with nonprofit housing developer DASH to develop a 4.55-acre Bellevue site near a future light rail stop and add more than 235 new affordable housing units.

Blueprint was founded in 2009 in Seattle as a way to help local builders develop and finance small-scale residential housing, according to the company’s website. The firm was converted to a real estate investment trust in 2013 to facilitate loan growth and develop rental properties.