Seattle multifamily portfolio sold for $114 million

Investor plans renovation of 7 properties

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Atherton-Newport Investments LLC, an Irvine, Calif.-based real estate investment firm, on Friday announced it had acquired a $114 million multifamily portfolio in the greater Seattle, Wash., region. The portfolio consists of seven apartment communities – at a total of 1215 residential rental units – that are underperforming and will be rehabilitated and repositioned to deliver attractive investment returns to investors and to provide better rental options for Washington residents, according to a press statement. "This Seattle portfolio acquisition marks our largest portfolio investment nationwide to date," said Ashish Khatana, co-founder of Atherton-Newport Investments. "The fact that we have returned once again to Seattle for acquisition activity is a direct reflection on what we see as a ripe investment market for multifamily product." The seven communities acquired include the following: Woodside Crossing Apartments – A 216-unit multifamily community locate...