Irvine, Calif.-based Atherton-Newport Investments LLC has acquired two multifamily communities in the greater Seattle market for approximately $12.8 million.
The two recent acquisitions include:
- Village at the Lake, 30602 Pacific Hwy South; A 156-unit, three-story community built in 1969 with lakefront views and spacious floor plans.
- View at Redondo, 29421 Pacific Highway; A 78-unit apartment community with convenient freeway and beach access.
Each apartment community is located in Federal Way, Wash., where extremely low levels of development activity and increased condo conversion activity have eroded the supply of rental units and escalated the need to rehabilitate existing properties to provide respectable options to renters, according to a company statement.
Rehabilitation plans for the two properties include both building and site improvements, as well as interior upgrades. Some of these improvements include exterior painting, landscaping, lighting upgrades, replacement of kitchen countertops and sinks, roof repairs and the replacement of flooring and appliances.
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