Built in 1983, the property consists of several two-story buildings. Occupancy is 94%. Asking rental rates range from $0.81 per sf per month for an 850-sf two-bedroom unit to $1.16 per sf per month for a 450-sf studio unit.
The listing broker, Kenny Dudunakis of Hendricks & Partners, tells GlobeSt.com that Western National came to town about six years ago and rapidly acquired five properties and then stopped. More recently, it began re-trading the assets. With the sale of Pinewood, Western National no longer owns any properties in the state, he says.
The new owner reportedly plans to invest an additional $10,000 per unit in the property. Improvements will include washer & dryers, new windows and other interior upgrades. Upon completion of the rehab, rents are expected to rise substantially, Dudunakis says.
Pinewood was one of two larger properties owned by Western National. The other, the 181-unit Brookwood apartment complex in Bothell, was sold in August to a condominium converter for $22 million.
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