(Read more on the multifamily market.)
SEATTLE-RedHill Realty Investors of San Diego and AEW Capital Management recently acquired Royal Skies Apartments, a 240-unit property in the Seattle submarket of Kent. The sale price was $21.5 million, according to King County property records.
Built in 1982, the complex consists of 17 three-story buildings on 18 acres at 25907 27th Pl. S., which is near Interstate 5 and a Park & Ride. The property abuts a greenbelt. The clubhouse has a heated outdoor pool, spa, exercise facility, jogging trail, community garden and racquetball court.
The largest units in the complex are 1,000 sf and rent for $0.87 per sf per month, according to the property's web site. The smallest units are 700 sf and rent for $1.02 per sf. Expect rents to rise, however, as RedHill plans to make "extensive tenant improvements to both the interior and exterior of the buildings."
The property is the second RedHill has acquired in the city. In late 2006, it paid $31 million for Hampton Bay, a 304-unit, 33-building complex purchased in late 2006 for $31 million. The property was built in 1987 at 6305 S 238th Pl.
RedHill is run by Russell Dixon, its founder and chief executive. Dixon formerly served as national managing director for Insignia/ESG and also formed and headed CB Richard Ellis' multi-housing practice both domestically and abroad. RedHill is looking to acquire $350 million to 500 million in assets throughout the Western US this year.
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