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| Innsbruck Apartments, 3223 South 160th Street, SeaTac, WA |
Seattle, WA, June 14, 2016
– A partnership between L5 Real Estate Investments, a Northern California-based
multifamily investment firm, and Seattle-based Shuler Architecture, has
acquired Innsbruck Apartments, a
fully-occupied, 31-unit multifamily community in SeaTac, WA (an emerging
submarket of Seattle) for $2.6 million.
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| Michael Flaherty |
Built in 1967 and
renovated in 2007, the property is located at 3223 South 160th Street just 15
miles from downtown Seattle.
Under the new ownership,
the property – which has a significant degree of deferred maintenance – will
undergo an extensive renovation in order to meet the high demand from area
residents seeking quality, market-rate rental housing.
“Our partnership saw this
asset as a prime opportunity to add value through a major renovation as well as
improving overall operations,” said Michael
Flaherty, founder and managing partner of L5 Real Estate Investments.
“Innsbruck Apartments fit nicely within L5’s acquisition strategy to grow our
portfolio in thriving markets throughout the United States.”
Flaherty added that the
firm currently has two additional apartment properties in escrow in the Seattle
region totaling approximately $7.5 million.
“The Seattle job market is booming
and ranks among the nation’s hottest, adding just over 78,000 jobs last year.
We see a heightened demand for suburban markets outside the downtown area as
rents there are rising at a very rapid pace,” he said.
L5 and its partners plan
to invest approximately $700,000 in property renovations at Innsbruck with
extensive interior upgrades including adding a washer and dryer to each unit,
and the conversion of an office to a new, leasable studio unit.
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| SeaTac Airport |
Exterior improvements include paint, energy
conserving products such as LED lighting, upgraded railings, new signage,
additional parking, and attractive landscaping.
Located within walking
distance to a new light rail mass transit facility, Innsbruck is also near the
SeaTac Airport; major employers and business incubators; and routes 99, 509,
and 518 as well as Interstates 5 and 405. On-ramps to these highways are ¾ mile
from Innsbruck and provide easy access to the greater Puget Sound region.
The seller of Innsbruck
Apartments were local private investors. David
Massa of Madison Partners Real Estate represented the buyer and Grandbridge
Capital provided the debt.
For a complete copy of the company’s news release,
please contact:
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