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SEATTLE-The 280-unit Park at Dashpoint apartment complex in Federal Way, WA has changed hands for $30 million, according to CBRE, which listed the building for sale on behalf of BRE Properties, a San Francisco-based REIT. The new owner is San Diego, CA-based S. Lew & Associates.

The Park at Dashpoint is situated in Twin Lakes, one of the more desirable Federal Way neighborhoods. The complex includes one-, two- and three-bedroom floor plans averaging 940 sf.

The asset was acquired at a 6.1% cap rate, based on in-place NOI. CBRE executive vice president Jon Hallgrimson, who listed the property with Frank Bosl, tells GlobeSt.com that cap rates have risen 100- to 150 basis points from their most recent low. Rents have been increasing at a 5% to 7% annual clip, he says, but may have slowed down in the past couple of months.

S. Lew & Associates was not immediately available Wednesday afternoon for comment. The company reportedly plans to add value by upgrading finishes and pushing rents.

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