By Jack Stubbs
An apartment complex in Auburn last week changed hands between two local and out-of-state property management companies. On Wednesday, August 15th, Agoura Hills, California-based Madison Residential acquired the Landings at River’s Edge Apartments for $21.35 million, or approximately $177,916 per unit, according to public records filed with King County. The seller was Pacific, Washington-based Trimark Property Group LLC, a company that operates a variety of retail, commercial and multifamily investment properties throughout the Pacific Northwest. The transaction was recorded on August 16th.
Neither the buyer nor the seller responded to calls for comment about the transaction in time for the publishing of this story.
The two-story Landings at River’s Edge Apartments, located at 1741 22nd St. NE, was built in 1976 and contains 120 units, according to the property listing on apartments.com. The property offers a mix of one-, two- and three-bedroom units that range from 675 to 1,030 square feet and rent for between $1,080 and $1,700, according to the web site for the property. The units include a patio/balcony and residents also have access to a pool and clubhouse, covered parking and a view of the Green River.
Located along the edge of the Green River, the apartment complex is approximately two miles north of downtown Auburn and less than a mile from Auburn Municipal Airport. The property is roughly a 20-minute drive from Tacoma and 30-minute drive from downtown Seattle, according to the web site, and is also about five miles from access to Washington State Route 167.
Founded in 2016 as a joint venture with a Los Angeles-based family office, Madison Residential looks to invest in multifamily and land entitlement opportunities throughout the West Coast, according to the company’s web site. Madison Residential looks to acquire small to medium- sized apartment communities (ranging from 50 to 200 units) in emerging secondary markets that are experiencing sustained economic growth and urban redevelopment, with current properties in Washington, California and Nevada.
Madison Residential has successfully completed investments consisting of over 5,000 apartment units with a total portfolio value in excess of $750 million in markets across the country, according to the company’s web site. Some of the company’s other current and previous Puget Sound properties include the 72-unit Madison on the River property in Kent; the 61-unit Encore Apartments in Lynnwood; and the 105-unit Align Apartments in Federal Way.
Trimark Property Group is a diversified real estate conglomerate that has specialized holdings in the petroleum and coffee industries and also operates a variety of retail, commercial and multifamily investment properties throughout the Puget Sound region, according to the company’s web site. The company looks to maintain its multifamily portfolio to attract and retain the best tenants by providing professionally-managed properties in prominent locations.
Trimark also operates a broad portfolio of multifamily properties throughout Seattle. Some of these include the Adams Court Apartments and Campus Heights Apartments in the University District; the University Townhomes and the Husky Court Apartments. The company also operates the Meridian Pines Apartments in Puyallup, the Sunset Pointe Apartments in Renton and the Westgate Apartments in Edmonds, among other properties.