Clocktower Village is comprised of 33 buildings built in two phases during 1997 and 2005.
DUPONT, WA—For the long term, the for-rent market will be supported by high in-migration trends, elevated levels of intellectual capital and the lack of single-family affordability in the Seattle metro, according to Fannie Mae's latest report. New supply will continue to be absorbed by the young cohort as long as it is delivered gradually.
However, it is something to keep an eye on as a glut of supply will be delivered through the remainder of 2018 and into 2019. Long term, the metro's reliance on the expansion of Amazon is also something to watch as much of the supply underway is dependent on the company's growth, says the report.
As rentals continue to rule the day, those assets also find favor with in-state and out-of-state investors. The latest example is San Diego-based Sunroad Enterprises' acquisition of Clocktower Village, a 188-unit multifamily community. The purchase is the first acquisition made in a new partnership between Sunroad Enterprises, Wermers Properties and R&V Management, with Loma Linda University as the limited partner.
“Clocktower Village provided the right combination of a high-quality property with significant upgrade potential,” said Dan Feldman, president of Sunroad Asset Management and managing partner of the partnership. “Combining our passion, understanding and keen knowledge of the multifamily industry, this partnership is eager to continue investing in new properties similar to Clocktower Village.”
Clocktower Village is comprised of 33 buildings originally built in two phases during 1997 and 2005. The unit mix includes one-, two- and three-bedroom units, with an average unit size of 1,045 square feet. Clocktower Village also includes a 24-hour fitness center, pool and spa area, and attached garages, among other amenities.
“Clocktower Village's location near major cities in the Puget Sound provides an opportunity to help meet strong renter demand and support employment and military centers in the region,” Feldman tells GlobeSt.com. “By repositioning older multifamily properties like Clocktower Village with contemporary features, finishes and amenities, we are helping create housing options that appeal to the young professionals, families and military personnel looking to locate in the growing Dupont area. The low density, combined with our partnership's unique improvements, delivers a product that is in high demand in the area.”
GlobeSt.com learns that the partnership plans unit interior and exterior upgrades. Other upgrades and renovations are planned to the community clubhouse and pool area.
Clocktower Village is centrally located in the master-planned community of Northwest Landing in DuPont, and is adjacent to Northwest Landing's Town Center, which offers various services, restaurants and eateries. The community is also located less than 10 miles south of Joint Base Lewis McChord, the largest military base on the West Coast with more than 50,000 military and civilian employees, and is near major employers such as Amazon and State Farm Insurance.
“With its prime location and mixed-use component, Clocktower Village is the ideal first venture embarked by this new partnership,” said Tom Wermers, CEO and president of Wermers Properties. “Our partnership, which owns or has developed more than 50,000 multifamily units combined, aims to pursue innovative new projects and business ventures that ultimately help strengthen the multifamily market in the Northwest region.”
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
