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January 23, 2019
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L5 Investments Spends $15 Mil on 97-Unit WA Multifamily Property


L5 Investments (L5) has acquired The Montrose Apartments, a 97-unit multifamily property in Washington, for $15.35 mil ($158.2k/unit). The property is located at 220 S. 152nd St in Burien, a growing suburb of Seattle located in South King County.

Originally built in 1963, The Montrose is situated on nearly three acres of land and includes seven, three-story buildings. On-site amenities include a fitness center, pool and playground. The unit mix includes one-, two- and three-bedroom apartments that range in size from 728 sf to 1.1k sf. All units contain fully equipped kitchens, appliances, and private patios/balconies and some of the units include vaulted ceilings and fireplaces.

The well-located property offers excellent access to Interstate 5 and Route 509 which provides residents with quick access to the region’s major employment hubs of downtown Seattle, Kent, Bellevue and Tacoma and is located less than one-half mile from the Burien Transit Hub, providing bus service to the Puget Sound region. Situated approximately one-half mile from downtown Burien, the community is also near a variety of retail and restaurant amenities. The City of Burien offers public green spaces, pedestrian friendly walkways and public artwork. Over the past decade, downtown Burien has become a popular shopping destination known for its art walks and community festivals.

L5 will invest approximately $1.1 mil in capital improvements to The Montrose over the next 12 months in order to meet the demands of today’s tenants. The renovations will focus on updating flooring, cabinets, lighting, appliances, and adding in-unit washers and dryers in all two and three-bedroom units.

“L5 is focused on acquiring strategically located, value-add apartment communities in markets across the nation by identifying densely populated areas experiencing strong job growth with good access to mass transit options,” said Michael Flaherty, founder and managing partner of L5 Investments, an El Dorado Hills, CA-based multifamily investment firm. “We see the suburban markets of Seattle as a great fit for this investment model. Montrose is currently stabilized with strong occupancy, and once we have completed our improvement program, we expect to see significant upside as it performs at the top of its market class.”

Ben Johnson of Berkadia brokered the transaction on behalf of L5 and the seller, an FPA Multifamily LLC entity. This acquisition marks L5’s fourth apartment community in the greater Seattle region. L5 now owns a total of 220 units in the market, and a total of 3,700 units nationwide.

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