Freshwater Investments has acquired Federal Way, Washington-based Bayview Apartment Homes, a multifamily community. No financial terms were disclosed. Avenue5 will manage the property.
SEATTLE (PRWEB) SEPTEMBER 20, 2019
Freshwater Investments announced the acquisition of Bayview Apartment Homes, a multifamily community in Federal Way, WA. This is the fourth property in the Seattle metro area that Freshwater adds to its portfolio. The company also owns Stinson Apartment Homes in Everett, WA, The Lighthouse in Kent and Novela Apartment Homes in Lynnwood.
Alex Rozenfeld, Freshwater Investments Founder and Managing Partner, said, “Seattle metro area continues to attract major investors capital, making it tougher to win new deals. That, in turn, makes this new acquisition a good reason for Freshwater and our investors to celebrate.”
The seller of the property was Weidner Apartment Homes, and its Acquisition Manager Ryan Schwarzer made a comment: “Bayview was a fantastic property for Weidner, and one that should continue to benefit from the flight-to-affordability seen throughout the South Sound. Freshwater Investments demonstrated utmost professionalism during the transition. This level of diligence, care, and overall pride of ownership will bode well for the property moving forward.”
Built in 1986, Bayview Apartments consists of 83 units and offers a mix of large studios, one- and two-bedroom apartments with an average unit size of 762 square feet. The property is located in Federal Way, about 30 minutes from Seattle downtown, about 15 minutes from Kent Valley – the 4th largest distribution center in the U.S. and 6 minutes away from Federal Way Transit Center – regional bus service to Seattle, Tacoma, and Sea-Tac Airport. Some of the community amenities include business center, Central courtyard with seasonal outdoor pool and spa, laundry facilities on site and carports available for lease. Freshwater is planning value-add exterior and in-unit improvements to offer better homes to the residents.
Bayview will be managed by Avenue5, the largest property management company in the area.
“We are thrilled to have the opportunity to continue growing our partnership with Freshwater Investments,” affirmed Lisa Ellis, division president at Avenue5 Residential. “As a firm that currently manages 51 properties and 8,434 units in the Seattle market, we look forward to leveraging our expertise in order to exceed Freshwater’s leasing, revenue, and market traction goals.”
The Institutional Property Advisors (IPA) team of Philip Assouad and Giovanni Napoli brokered this transaction, while Clay Akiwenzie with Berkadia arranged the acquisition financing.
Freshwater Investments is a California based private equity real estate investment firm creating opportunities for private and institutional investors to diversify portfolios and gain attractive returns through co-ownership of multifamily housing properties. For more information visit http://www.freshwaterinvestments.com