The Laramar Group today announced its Multi-Family Value Fund has purchased a 543-unit apartment complex in Burien, Wash., for an undisclosed price.
The property, Vintage Park, is the fund’s 15th acquisition. Laramer said it will rename the property The Heights at Burien.
Constructed in the mid-1940s, the garden-style apartment property comprises 44 buildings on a 25-acre site located at 1101 SW 139th St. Offering one-, two- and three-bedroom apartments, the property will undergo a significant transformation, including significant property upgrades, renovations and the new property signage and logo.
Laramar plans a $12 million strategic renovation to the apartment interiors including the upgrade of kitchens and baths, new lighting and hardware, and the addition of washers and dryers. Major improvements and updates to common areas will include new siding and roofs, upgraded playground and picnic areas and improved lighting, paving and concrete work. New amenities will include a new club room, business center and fitness center.
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