Housing Still a Hot Commodity in Pacific Northwest
- Sep 23, 2015
The Pacific Northwest’s multifamily market surge continued as TruAmerica Multifamily recently closed on the acquisition of a two-property portfolio in the region. FPA Multifamily received $48.75 million for the two properties located in Renton, WA and Canby, OR.
Windsor Apartment Homes and Township Apartment Homes are adding 295 units to TruAmerica’s already expansive Pacific Northwest portfolio. The company has committed more than $230 million to investments in the area over just the past three months, and added a total of 1,598 units to its portfolio. According to a recently issued statement, the company currently manages a total of 3,700 units in the area, and aims to expand those holdings by 2,200 units by year’s end.
The Township is located at 700 SE 5th Ave. in Canby. Managed by Greystar, the 93-unit property was acquired for $12 million. The unit mix at the 16-year-old residential community consists of one-, two-, and three-bedroom units that have an average rent of $1,196, according to Yardi Matrix.
The Windsor is a 202-unit community, located at 4415 5th St. NE in Renton. Extensively renovated by the previous owner, the asset will only undergo a light improvement project to the common amenities. Residents have access to a package that includes a fitness center, clubhouse, basketball, swimming pool and spa. Yardi Matrix data shows that the average rent at the property stands at $1,313.
Image via Yardi Matrix