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98-Unit Eastside Complex Fetches $95K Per Unit

BELLEVUE, WA-Pacific Property Co. is the new owner of Aspenwood, an apartment complex here that was built in two phases during the late 1970s and the early 80s. It is the Palo Alto, CA-based company's first Seattle-area acquisition.

By Brian K. Miller | Updated on February 24, 2005

BELLEVUE, WA-Pacific Property Co. this month became the new owner of Aspenwood, a 98-unit apartment complex here that was 93% leased when it traded hands. The apartment investor from Palo Alto, CA paid $9.3 million or about $95,000 per unit for the garden-style property built in two phases during the late 1970s and the early 80s. The property address is 14200 SE 6th St. The seller was Seattle-based FPL LP, whose owner is a family partnership that includes Seattle-based William Yedor. Kenny Dudunakis of the Seattle office of Hendricks & Partners sourced the off-market deal for Pacific Property. The going-in cap rate for Aspenwood is believed to be about 5.7%. Pacific Property plans to invest about $10,000 per unit to update unit interiors and improve the building exterior and grounds.Aspenwood is Pacific Property’s first acquisition in the Seattle area, though it has been interested in the market since 2001, when it picked up two Portland, OR-area properties. It has been quiet in the Northwest since that time, until now. Pacific Property’s managing director Steve Weilbach tells GlobeSt.com that it is back looking in Seattle because “our perception is the softness there has run its course.” Weilbach adds that at 98 units Aspenwood is a little smaller than the properties that would get bid up by REITs and advisors.

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