(Read more on the multifamilymarket.)
RENTON, WA-Berkshire Property Advisors of Boston has purchasedthe Carriages at Fairwood Downs, a 400-unit, class B apartmentcomplex here that is 95% occupied. The seller was BlackRock Inc. ofNew York City. The sale price was $63.3 million or $158,000 perunit.
Jon Hallgrimson of CB Richard Ellis, who with Frank Bosl had thelisting assignment, tells GlobeSt.com that Berkshire plans to pushpercentage upward by renovating the property and then raising rentsby a couple of hundred dollars per month. “It was designed as acondominium development,” he says. “It's a low-density developmentwith great floor plans in a master planned community.”
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