By Jack Stubbs
On Wednesday January 31st, The Jacobson Company, a Los Angeles-based real estate investment company, recently acquired the the 177-unit Village at Lake Meridian Apartments in Kent for $28.1 million, according to public records filed with King County.
The seller of the property was TruAmerica Multifamily, another Los Angeles-based investment firm, who was represented by JLL in the transaction.
TruAmerica originally acquired the property as part of a five-property portfolio in July 2015 from FPA Multifamily, according to a source familiar with the transaction.
The buyer did not respond to calls for comment in time for the publishing of this story.
The Village at Lake Meridian Apartments are located at 10925 SE 256th St. in Kent. According to the property listing on apartments.com, the two-story complex was built in 1980 and is comprised of 177 units. The property offers a mix of one- and two-bedroom units. The smaller units are 674 square feet and rent for between $1,160 and $1,630. The two-bedroom units are 855 square feet, with rents between $1,385 and $2,100.
Some of the prominent amenities in the units include hardwood floors, large closets and patio/balcony. The apartment also features a fitness center, package services and on-site property management.
The property is roughly three miles to the east of Kent and approximately four miles from Kent Station. Additionally, the complex is less than a mile from access to Washington State Route 516 and approximately five miles from Washington State Route 167.
The Village at Lake Meridian sits within a mile of several other apartment communities in Kent including the 216-unit La Mirage Apartments; the 81-unit Arterra Apartments; and the three-story 329-unit Vibe Apartments.
Founded in 1971, The Jacobson Company acquires and operates conventional multi-family properties, student properties and commercial properties, according to its web site. The company invests in both primary and secondary markets, generally seeking 100-plus unit properties, looking for core plus and value-add, Class B properties built in the 1980s or later. The company currently has 20 California properties in its portfolio, which does not currently include any other Washington assets, according to its web site.
Founded in 2013, TruAmerica is a manager and operator of multifamily assets that invests throughout the United States. The company focuses on the repositioning of Class B apartments to unlock potential in the properties through tailored renovation and focused asset management, according to its web site.
Since its founding, the company has acquired 87 properties and currently has 137 assets under management. As one of the country’s most active multifamily investors, TruAmerica manages a $7 billion portfolio of 32,383 units across various locations throughout the Western and Eastern United States, including Arizona, California, Colorado, Oregon and Washington, among others.
Accounting for the recent sale of the Village at Lake Meridian Apartments, TruAmerica currently has over ten other assets in its Washington portfolio. Some of these include the 188-unit Alderwood Park Apartments in Lynnwood, the 386-unit Brackett Apartments in Edmonds, and the 153-unit Ridgegate Apartments in Kent.
TruAmerica has been active in the Puget Sound region in recent months. In October 2017, the company acquired the 192-unit Skyline Apartments in Kent for $42.6 million from Danville, California-based Green Leaf Capital Partners. More recently, in December 2017, the company purchased the 316-unit Walden Pond Apartments in Everett from Holland Partner Group for $67.7 million.