(Read more on the multifamily market.)

FEDERAL WAY, WA-Fairfield Residential has acquired the 464-unit Glen Park at West Campus Apartments here for $65.6 million ($141,379 per unit), according to the listing broker, Jim Claeys of Apartment Realty Advisors. The seller was a partnership of MacLean, VA-based JER Partners and Beverly Hills, CA-based FSC Realty (Stanley Fimberg). The 33-acre development is 96% occupied.

Glen Park is located at 952 SW Campus Dr., about two miles from Interstate 5 and Highway 18 in the Twin Lakes area of Federal Way. Constructed in 1989-1990, it includes a mix of one-, two- and three-bedroom units averaging 1,000 sf, and 94 townhomes. Common amenities include two pools, an indoor basketball court, tennis courts, business center; fitness and cardio center, saunas and heated spa.

The seller acquired the property in the first half of 2005 for $36.5 million ($78,644 per unit). Claeys, a former CB Richard Ellis broker who joined ARA in late 2007, brokered both transactions with CB Richard Ellis’ Jon Hallgrimson.

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