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LYNNWOOD, WA-Pacific Property Co. added to its Puget Sound portfolio this week with the acquisition of the Woodcreek Apartments, a 164-unit property here that is located about one mile from the recently expanded Alderwood Mall. The property was completed in 2000. The sale price was $16.5 million.
Located at 14611 Admiralty Way, Woodcreek is Pacific's sixth Seattle area acquisition since January 2005. The firm also owns complexes in the cities of Tukwila, Bellevue and Redmond and in Seattle's Belltown neighborhood.
The deal was brokered by Ross Candoo of Candoo Assoc. The seller capitalized on the value recently created by record low cap rates while the buyer can look forward to the potential for strong rent growth, he says of the deal.
Pacific acquisition manager Jesse Mack says that while many of our investments entail significant value-add or repositioning components, Woodcreek is an example of the company's objective to acquire "quality, stabilized assets in submarkets that demonstrate superior fundamentals."
Last year, Pacific opened a Downtown office and Mack relocated from Los Angeles to head up the company's acquisition effort in the region. Pacific's chief investment officer Steve Weilbach says the company has so far acquired $100 million worth of apartments in the region and seeks to acquire an additional $400 million of assets in the region.
Woodcreek is the company's first Puget Sound acquisition since December. Most recently, it has been active in the San Francisco area, adding five properties there since spring 2005. In June, it acquired the 118-unit Forest Towers apartment community in Palo Alto, CA, for $50 million. The well-leased 13-story Downtown high-rise was constructed in 1965.
In late April, Pacific paid $39.7 million for the 230-unit Sage at Cupertino in a joint venture with Capri Capital partners. In January, it closed on the 136-unit Townsquare in Millbrae for $25 million, and in December it paid $25.25 million for the 198-unit French Village and Normandy Square communities in Belmont.
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