distinct communities of Redmond
Park West, East and South.
BELLEVUE, WA-GlobeSt.com has learned exclusively that San Jose, CA-based Saratoga Capital Inc. has purchased Archstone Redmond Park, a 260-unit apartment community, from ASN Redmond Park LLC of Englewood, CO, for $62.1 million. The purchase price is equal to $238,846 per unit.
Kenny Dudunakis of the Seattle branch of Hendricks & Partners negotiated the transaction.
Dudunakis tells GlobeSt.com that Redmond Park is an incredible investment opportunity. “The apartment community has great value-add potential, especially when the property is across the street from the largest software manufacturer in the world. Additionally, Redmond Park is the only apartment community in the submarket that has townhouse units.”
Archstone Redmond Park includes three distinct communities: Redmond Park West, Redmond Park East and Redmond Park South. The complex, which offer one-, two- and three-bedroom units, is located at 14700 NE 35th St. here, and sits on more than 12 acres featuring mature landscaping, green space and tall evergreens. Amenities at the community include a business center, clubhouse with lounge, 24-hour fitness center and outdoor pool and spa.
According to Hendricks & Partners’ Seattle-Tacoma apartment update for third-quarter 2012, apartment leasing was positive by 540 units in the third quarter, bringing the year-to-date total to 2,380 units absorbed amidst a rapidly diminishing supply of available apartment homes. A total of 550 new apartment units were completed in the quarter, and 1,370 have been delivered year to date. Also, local multifamily permitting climbed to an annualized pace of 8,015 units in September, up from an annualized volume of 5,245 units at the beginning of the year. In addition, Seattle-Tacoma apartment vacancy fell to 4.1% in September, 50 basis points below the vacancy rate at year-end 2011, and average asking rent advanced 3.7% over the past four quarters, rising to a new market high of $1,046 per month.
As GlobeSt.com previously reported, Stone34, a mixed-use office and retail project here, will begin construction during this quarter. Skanska USA Commercial Development is self-financing the project, the first commercial development by its Seattle office, and is expected to invest $51 million in its construction. The building is expected to be completed by mid-year 2014.