By Meghan Hall
A large multifamily property in Renton has been traded to a company whose mission is to preserve affordable housing in competitive markets throughout the country. According to public documents, Santa Monica, Calif.-based firm Turner Impact Capital acquired the Sunset View Apartments in a transaction that closed on January 13th. Turner paid $49.75 million, or just under $207,300 per unit, for the property. The seller was Sunset View Owner LLC, an entity associated with Bellevue-based Legacy Group Capital.
The property, located at 2101 SW Sunset Boulevard, was originally built in 1970 and then later renovated in 1983, based on data from Apartments.com. The complex is four stories and has 240 units, with updated units containing new appliances, quartz countertops, faux wood flooring and balconies and patios. One-, two- and three-bedroom units are available, with approximate square footages ranging in size from about 850 square feet to 1,340 square feet. The Sunset View Apartment website did not have pricing immediately available.
Community amenities include a club house and fitness center, a swimming pool, “bark park” and playground. The complex also puts on enrichment activities and programs hosted by teachers, healthcare workers and law enforcement professionals. Topics include green initiatives, health and wellness and community-building programs through holiday parties and community service projects.
Turner Impact Capital is one of the fastest-growing social impact investment firms, according to its website, and the company is positioned to invest up to $3 billion in real estate solutions to address social challenges in markets across the United States. Its multifamily investment fund, in particular, is on course to invest $2 billion to acquire over 20,000 units over the next several years, the company noted in a recent news release. Since beginning its multifamily investment fund, Turner has acquired 9,515 units across the united states and serves 16,000 residents in an effort to preserve affordable and workforce housing.
The company has invested in many multifamily properties across the United States, but until now had not purchased properties in the Puget Sound region. The acquisition would make this the first buy for Turner in Washington State. Rather than targeting outsized rent growth through repositioning or upgrading properties, Turner targets lower expenses by improving day-to-day operations and resident enrichment services to keep vacancy rates low and turnover to a minimum.
Turner’s introduction to the local multifamily market comes at a time when the local economy continues to fire all engines—making house more expensive for all. A recent report by Institutional Property Advisors predicts that the metro will remain one of the most robust in the coming years, as the Seattle-Tacoma area created 65,000 jobs in 2019. Rent growth is expected to rise by 2.1 percent, reaching $2,181 per month, with new potential rental highs always on the horizon.