KW Multifamily, which is based in Beverly Hills, CA, says both transactions included "significant participation" from international investors and debt from GE. The Avalon Redmond acquisition was completed with equity from, among others, Dubai Investment Group and a large Japanese institutional investor,among others. The sellers of the two properties were Avalon Bay Communities and Equity Residential, respectively.

Bob Hart says the company's track record of acquiring and adding value to well-positioned, under-performing assets in supply-constrained markets is why it continues to attract equity from a wide diversity of U.S. and international investors despite the dislocated credit markets. KW's Pacific Northwest portfolio now totals approximately 3,000 units. In the Puget Sound region, it also doesn't hurt that strong job growth and in-migration has apartment vacancy at approximately 4%, according to Dupre + Scott, a local multifamily specialist.

Avalon Redmond was built in 1983 on 24 acres in Redmond, WA, home of Microsoft Corp. The development consists of 71 two and three-story wood-framed buildings with exterior wood siding and trim, plus a similarly constructed clubhouse and leasing center. The garden-style community offers one, two and three-bedroom units ranging from 710 to 1,488 sf, as well as parking for 624 vehicles. Amenities include a pool, two saunas, a fitness center, an indoor spa, two tennis courts and a cyber café.