Seattle Apartment Property Marks 15th Purchase for $1.3B Fund
The Laramar Group has just acquired Vintage Park, a 543-unit apartment community in the burgeoning suburban Seattle town of Burien, Wa. Chicago-based Laramar purchased the property through the Laramar Multi-Family Value Fund, which allows the company to buy up to $1.4 billion in multi-family assets. Carrying the address of 1101 SW 139th Street, Vintage Park sits just 11 miles outside of Seattle within a city that is growing more influential with the major redevelopment of its downtown area, which will enhance its already successful business sector. Vintage Park is a 44-structure garden-style community that was developed on a 25-acre site in the 1940s. At the hands of its new owner the property, presently an affordable housing complex, will undergo a $12 million renovation and will be renamed the Heights at Burien. While the vacancy rate in the Seattle area is projected to increase a tad due to new deliveries, demand is expected to remain strong with an anticipated vacancy rate of just 4.9 percent this year, according to a report by real estate investment services firm Marcus & Millichap. Vintage Park marks Laramar’s 15th purchase through its Multi-Family Value Fund; the fund closed in December 2006 with $350 million in commitments for purchases of value-add multi-family assets across the United States. Recent acquisitions include that of the 694-unit Waterford Lakes Apartments in Charlotte, N.C., last month.A fully integrated real estate investment and management firm, Laramar focuses on acquiring multi-family, mixed-use and senior housing properties to be renovated and repositioned. Laramar and predecessor Elkor Realty have invested over $1.75 billion in properties across the country over the last 19 years.