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 located at 420 85th Place Southwest, in Everett.
- Woodtrail Village Apartments – Consisting of 300 rental units, this apartment community is located three miles west of Interstate 5 and a half mile south of Highway 509 at 1901 SW 320th St., in Federal Way.
- Steel Lake Apartments – A 51-unit apartment complex situated at 31220 28th Avenue South in Federal Way, adjacent to Interstate 5, offering immediate access to all transportation corridors in Washington.
- Keeler Creek Apartments – Consisting of 100 units located at 16604 48th Ave. West, in Lynwood, this community provides immediate access to Interstates 5 and 405 and is minutes from Alderwood Mall and Beverly Elementary School.
- Summer Mill Apartments – Located at 16520 North Road in Bothell, this 124-unit apartment complex boasts close proximity and access to Interstate 5, Highway 427 and the 405 Freeway.
- Pacific Pointe Apartments – This 249-unit community is located at 25701 27th Place South in Kent and is located between Interstate 5 and State Route 99, offering immediate access to major transportation corridors, numerous parks and retail amenities.
- Country Home Apartments – Located at 22440 Benson Road Southeast in Kent, this 175-unit community sits adjacent to Highway 515 with easy access to State Route 167, and is nearby many retail centers.