By Jack Stubbs
Los Angeles-based TruAmerica Multifamily last week added another residential property to its growing Washington portfolio.
On Tuesday October 24th, the Skyline Apartments in Kent sold for $42.6 million, or roughly $221,875 per unit, according to public records filed with King County. The seller was Green Leaf Capital Partners, a real estate investment company based in Danville, California. The acquisition was a joint venture led by TruAmerica Multifamily, a manager and operator of multifamily assets that invests throughout the United States. The company’s equity partner was Benedict Canyon Equities Inc., a fully-integrated multifamily investment platform that invests in urban-infill multifamily residential real estate. The deal was recorded on October 30th.
Built in 1983, the three-story Skyline Apartments features 192 two-bedroom/two-bathroom apartment homes. Located at 3322 S 222nd St, the property lies roughly four miles to the northwest of downtown Kent and less than four miles south of the Sea-Tac airport. Additionally, the apartment complex is just three miles from access to Interstate-5, an active transit corridor. The property listing on Green Leaf Partners’ website highlights the asset’s close proximity to Boeing and the Highline Hospital.
Some of the prominent apartment amenities include recently renovated dual master suites, which house wood burning fireplaces, spacious closets, kitchen pantries and attached patios. According to forrent.com, the two-bedroom units come in at 1,120 square feet, renting between $1,500 and $1,565.
Founded in 2013, TruAmerica Multifamily focuses on the repositioning of Class B Apartments to unlock potential in the properties through tailored renovation and focused asset management. Since the company’s founding, TruAmerica has acquired 83 properties and has 141 assets under management, according to its website. The company manages a portfolio of 33,307 units valued at $7.1 billion, in locations throughout the Western and Eastern United States, including California, Nevada, Colorado, Oregon and Washington, among others. The company has 14 properties—comprising 2,750 units—under management in Washington, including Alderwood Park, a 188-unit property in Lynnwood; Brackett, a 386-unit asset in Edmonds; Constellation, a 132-unit property in Renton; and Lighthouse, a 76-unit in Kent.
Green Leaf Capital Partner is a multifamily property owner and operator that has a focused strategy within the residential sector on Class B apartments. The company’s focus is to purchase Class B apartment assets with a strong current return and some opportunity for capital appreciation through renovation and market dynamics, according to its website.
The firm currently manages over 3,000 apartment units across nine states including Colorado, California, Oregon and Washington, according to its website, with expansion targeted in 2-3 additional markets looking to grow to 10,000 units. Two of the company’s other Puget Sound Region properties include Green Leaf Pacifica, a 177-unit property in Tacoma, and Green Leaf Cedar Park, a 120-unit asset in Lynnwood.