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12/19/16
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Sequoia Equities Inc has acquired The Carriages at Fairwood Downs, a 400-unit, apartment building in Renton, WA. The property was developed in 1986 and is comprised of 436.6k sf of space in 36 two- and three-story residential buildings.
This marks the final piece of over $300 mil in transactions beginning with the disposition of 556-units in Grand Terrace, CA in late-October and the purchases of Eddyline in Tualatin, OR and The Carriages via deferred tax exchange. This deal represents the ninth acquisition for the firm in the Pacific Northwest and second in the Seattle-metro market since 2015.
The Carriages is located in the Fairwood neighborhood of Renton, which is approximately 20 minutes from Bellevue's central business district and relatively close to the I-405. Situated on 30 acres, the property was originally built as condominiums providing a low-density feel, an above average unit size of 1.1k sf and a 50% mix of townhomes. Property amenities include a nature trail, two pools, fitness facility, leasing center, and clubhouse.
Sequoia will break ground on a $4+ mil renovation in January to modernize the building's apartment interiors and amenities. The company plans to reposition the building through interior improvements, as well as, amenity enhancements.
Interior improvements will include high-function, low-maintenance features like open kitchen concepts, mudrooms, and wood-plank style flooring. Amenity enhancements will include the addition of a theater, outdoor pavilion, resident lodge, and package lockers.
The acquisition was facilitated by Jon Hallgrimson, Eli Hanacek, Frank Bosl and Josh McDonald of CBRE. The price was not given out.
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