On Jan. 31, 2018 Freshwater Investments announced the acquisition of The Lighthouse Apartments, a multifamily community in Kent, for $16.5 Million.
This is the second property in the Seattle metro area that Freshwater adds to its portfolio. The company also owns the 93-unit Stinson Apartment Homes in Everett.
“Seattle metro area continues to be a sought-after location with high potential,” Alex Rozenfeld, Freshwater Investments Founder and Managing Partner, said. “With this acquisition, we have almost doubled our portfolio here and created new opportunities for our investors.”
The seller of the property was TruAmerica Multifamily, and its Dispositions & Investment Management Director Christopher Wei added:
“Freshwater Investments was as professional a Buyer as we have transacted with. PSA negotiations were expedient, the Due Diligence process was seamless, and closing took place on time and at the price we entered escrow with, which is what we value most.”
Built in 2002, the three-story Lighthouse community consists of 76 units and offers a mix of one- two- and three-bedroom apartment homes ranging from 716 to 1,198 square feet. The property is located within walking distance to the ShoWare Center, a bustling shopping and entertainment hub popular with the locals and minutes away from the train station connecting Kent with Seattle Downtown. Some of the community amenities include business center, clubhouse with TV lounge, garages, fitness center and sundeck. Freshwater is planning value-add in-unit improvements to offer better homes to the residents.
“The cost of housing in Seattle has increased significantly, which has driven residents to the suburbs,” said Corey Marx, Managing Director at JLL, the firm brokering this sale. “As a result, Kent and other suburban markets in the region have experienced strong rent growth.”
Lighthouse will be managed by Coast Real Estate Services, the largest property management company in Everett, WA with 16,000 apartment homes in Washington and Oregon under its management.
Lighthouse Apartments is located at 10934 SW 254th Place: