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6/16/16
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A partnership between L5 Real Estate Investments and Seattle-based Shuler Architecture has acquired Innsbruck Apartments, a fully-occupied, 31-unit multifamily community in the Seattle suburb of SeaTac, WA, for $2.6 mil ($84k/unit). Built in 1967 and renovated in 2007, the property is located at 3223 South 160th Street just 15 miles from downtown Seattle.
Under the new ownership, the property – which has a significant degree of deferred maintenance – will undergo an extensive renovation in order to meet the high demand from area residents seeking quality, market-rate rental housing. L5 and its partners plan to invest approximately $700k in improvements, including extensive interior upgrades such as adding a washer and dryer to each unit, and the conversion of an office to a new, leasable studio unit. Exterior improvements include paint, energy conserving products such as LED lighting, upgraded railings, new signage, additional parking, and attractive landscaping.
Located within walking distance to a new light rail mass transit facility, Innsbruck is also near the SeaTac Airport; major employers and business incubators; and routes 99, 509, and 518 as well as Interstates 5 and 405. On-ramps to these highways are ¾ mile from Innsbruck and provide easy access to the greater Puget Sound region.
The seller of Innsbruck Apartments were local private investors. David Massa of Madison Partners Real Estate represented the buyer while Grandbridge Capital provided the debt. L5 currently has two additional apartment properties in escrow in the Seattle region totaling approximately $7.5 mil.
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