Harbour Pointe is located at the entrance of the Harbour Pointe master-planned community, which features an 18-hole golf course, high tech business park, several upscale residential neighborhoods and three new schools. The property is approximately 95% occupied.
The sale price for Harbour Pointe works out to $186,364 per unit. The unleveraged cap rate, based on in-place numbers, is in the high 4% range, according to the listing broker, Jon Hallgrimson of CB Richard Ellis.
"In the West, investors like Seattle for several reasons, including strong job growth, little new supply, and no overhang in the single-family market," Hallgrimson tells GlobeSt.com.
The new owner intends to execute a value-add strategy to enhance the units by adding upscale finishes to the interiors, he says. Archstone, meanwhile, continues to own more than a dozen properties in the region.
In the other deal, Kennedy Wilson Multifamily recently paid Equity Residential $35.7 million for James Street Crossing. The 300-unit, 22-building garden-style apartment community sits on 21 acres in Kent, WA. Amenities include a clubhouse, fitness center, pool, spa and full-size basketball court.
KW plans to execute a value-add strategy at the 19-year-old property, which it says has not seen any significant improvements since it was built in 1989. James Street is the company's fourth acquisition in the greater Seattle area in 15 months. The company now owns 1,735 units in the region.
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