543-Unit Vintage Park Trades for $33M

SEATTLE-The Laramar Group recently acquired the 543-unit Vintage Park apartment complex south of Seattle in Burien, WA, for $32.77 million, according to King County records. The Chicago-based real estate investment and management company says it plans to invest an additional $12 million renovating the property.

The seller was AG/Virtu Vintage Park LLC, an entity of New York City-based Angelo, Gordon & Co., an investment adviser. The property was recapitalized early last year in a deal that valued it at $24.1 million, according to industry sources. It was not immediately clear how much the seller invested in the property during its ownership, but it is believed to have addressed some deferred maintenance.

Located 12 miles south of Seattle at 1101 SW 139th St., Vintage Park will be renamed the Heights at Burien. Constructed in the mid-1940s, the garden-style apartment property features 44 buildings on a 25-acre site.