Search
 

BlackRock Sells 400-Unit Property for $63M

RENTON, WA-The New York City-based investment advisor sells the Carriages at Fairwood Downs here to Berkshire Property Advisors.

By Brian K. Miller | Updated on October 03, 2007

(Read more on the multifamily market.)

RENTON, WA-Berkshire Property Advisors of Boston has purchased the Carriages at Fairwood Downs, a 400-unit, class B apartment complex here that is 95% occupied. The seller was BlackRock Inc. of New York City. The sale price was $63.3 million or $158,000 per unit.

Jon Hallgrimson of CB Richard Ellis, who with Frank Bosl had the listing assignment, tells GlobeSt.com that Berkshire plans to push percentage upward by renovating the property and then raising rents by a couple of hundred dollars per month. “It was designed as a condominium development,” he says. “It’s a low-density development with great floor plans in a master planned community.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.