ConAm Group Sells Seattle-Area Apartments for $90M
With strong yields from its current Washington portfolio, S. Lew & Associates has expanded its Northwest presence with the acquisition of Avery at the Reserve. The apartment community in Federal Way, Wash., was sold for $90 million by The ConAm Group.
According to Yardi Matrix data, the property that will be rebranded to Encore Apartment Homes was purchased with the help of a $60.3 million Fannie Mae loan that was arranged by Prudential Financial.
Located at 125 SW. Campus Drive, Encore features 401 units in one-, two- and three-bedroom floorplans that average 887 square feet. According to Yardi Matrix, the property is 91.8 percent occupied with tenants paying an average of $1,497. The property is located on a 39.2-acre site that’s roughly half an hour away from Seattle and includes amenities such as two indoor pools, an indoor spa, an outdoor pool, a fitness center and yoga studio, a children’s playground, a dog run and a business center.
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