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August 21, 2018
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Peak Capital Partners Buys 171-Unit Affordable Housing Property in Washington

6/06/18

Peak Capital Partners acquired Ventana, a 171-unit affordable multifamily property in Kent, WA, for $18.85 mil, or $110.2k/unit. The purchase was financed with a $15.1 mil, 10-year floating rate loan provided by Freddie Mac.

All of Ventana’s units are kept affordable by a Low-Income Housing Tax Credit (LIHTC) regulatory agreement that limits renters to incomes below 60% of the Area Median Income. Ventana offers amenities such as an Olympic-sized swimming pool, fitness center and BBQ/picnic areas, as well as studio, one and two-bedroom floorplans to its residents.

The property is centrally located in the dynamic Kent Valley, one of the fastest growing cities in the Seattle metro area. Job growth in Kent is projected to grow more than 38% in the next 10 years.

Tim Flint with CBRE Affordable Housing represented the seller, Ridgeview Partners LP. Jim Flinn with CBRE Affordable Housing’s Debt and Structured Finance team arranged the financing. According to Flinn, Peak Capital was looking for pre-payment flexibility and this loan will be open to prepayment after just one year at 1%.





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