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California Group Buys 190-Unit West Seattle Property

SEATTLE-A group of local investors sells the well-leased Westhaven garden-style apartment complex for $13.6 million, about $1 million more than it paid for the property in late 2000.

By Brian K. Miller | Updated on March 09, 2005

SEATTLE-The 190-unit Westhaven apartment complex in West Seattle has changed hands for $13.6 million or $71,579 per unit. The new owner is W & W Westhaven Associates LLC, a private California partnership. The seller was Westhaven Associates LLC, a group of local investors. Jim Claeys, a vice president in the Seattle office of CB Richard Ellis, handled both sides of the transaction.The 11-building property’s physical occupancy is 98% and the average rent is $1.06 per sf per month. A local source tells GlobeSt.com the going-in cap rate is about 6.5%. The buyer assumed the underlying Freddie Mac loan, he adds.Completed in 1987, the Westhaven is located at 2201 SW Holden St. Avalon Bay Communities completed an extensive renovation of the clubhouse and fitness center in 1999 and sold it to the current seller one year later for $12.6 million. Each unit has a fireplace and washer & dryer, among other things, and common-area amenities include a pool, business center, hot tub, covered parking and a playground. According to Claeys, the location of the property just 15 minutes from Downtown was a determining factor for the buyer. “The price represents a good physical value and amenity package for its proximity to the city,” says Claeys. “The replacement value is $120,000 to $130,000 per unit.”

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