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RENTON, WA-One smaller apartment complex opened this week in downtown Renton while another, larger development in town traded hands for $24.5 million.

Seattle-based Dally Homes Inc. opened its 58-unit Burnett Station multifamily development last week. The downtown residential project is the company’s third project in Renton. Metropolitan Place, a 90-unit mixed-use project, is to open in December.

Seattle-based ConAm Management is handling the leasing. Burnett Station offers studios, one- and two-bedroom apartments and town houses that will rent for between $930 and $1,790 per month.

In the disposition, Irvine, CA-based Granite Investments Group acquired Madison at Fairwood, a 382-unit apartment community at 17425 120th Lane S.E. in Renton. The seller was Santa Barbara, CA-based was Nevins/Adams Properties Inc. Granite Investments reportedly paid for $24.5 million, or better than $64,100 per unit.

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