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Western National Sells Last Northwest Asset

LYNNWOOD, WA-The Irvine, CA-based company came to the market several years ago and bought up a handful of properties. On Dec. 27, it re-traded the last of them, selling the 180-unit Pinewood Square for $11.05 million.

By Brian K. Miller | Updated on January 09, 2006

LYNNWOOD, WA-Pinewood Square, a 180-unit garden-style apartment property here has changed hands for $11.05 million, or $61,388 per unit. The new owner, Stanley Xu, is a private investor from Seattle. The seller was Western National of Irvine, CA.

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.

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