LOS ANGELES, CA - Oak Coast Properties and Investors Management Group today announced the acquisition of Sunset View Apartment Homes, a 240-unit apartment community located in Renton, Washington. The multifamily property was purchased from AG/Virtu Sunset View, LLC for $21.9 million. Including a mix of one, two and three-bedroom units, the apartment community is situated approximately 10 miles southeast of downtown Seattle in King County. Oak Coast Properties and IMG will commence upgrades to the community as part of a value-add investment strategy.
“Sunset View Apartment Homes is an acquisition that offers incredible upside potential,” said Matthew Heslin, Oak Coast Properties Chief Executive and Co-founder. “A quality community with a stellar package of amenities and proximity to large employment centers, the property will be enhanced in value through a series of planned renovations.”
The Sunset View Apartment Homes offers housing for the workforce serving large, stable area employers including SeaTac International Airport and Boeing. The property is located between the Renton and Tukwila submarkets, where the unemployment rate is a low 4.4 percent, market fundamentals are ideal and demand for rental housing is surging. Historic low market vacancy, at less than 4 percent, coupled with strong employment forecasts indicate a rental demand likely growing well beyond existing supply.
Additional location benefits include direct access to major arterials including the I-405, I-5 and SR-167 freeways, as well as light rail, commuter rail and bus lines all within minutes of the property. Major retail amenities also sit proximate to Sunset View Apartment Homes and include Southcenter, the largest mall in the state, and The Landing, Renton’s premier shopping destination.
“These market fundamentals and regional amenities exemplify our acquisition criteria,” added Heslin.
The acquisition includes a mix of 50 one-bedroom, 188 two-bedroom and two three-bedroom units. As the name suggests, the Sunset View Apartment Homes boast tremendous territorial views of majestic Mount Rainier and the valley. The apartments are situated in eight separate three-story buildings, with many offering large patio balconies featuring glass railings to showcase the views.
A number of additional resident offerings complete the community’s robust lifestyle amenities package including an Olympic size swimming pool with outdoor sundeck, a full tennis court, a half basketball court, a 24-hour fitness facility with mountain views, full size media room with lounge, BBQ picnic areas and a children’s playground. The property’s most appealing amenity is a fully renovated two-story community center with unobstructed views of Mt. Rainier from its large outdoor deck and downstairs community room.
Units boast floorplans larger than most within the market with amenities including individual hot water heaters, washers and dryers (in some units), dishwashers and floor heaters. Immediate renovations are likely to include the addition of washers and dryers (in units which currently do not include them), kitchen upgrades, lighting improvements, finish details on cabinetry, new countertops and balcony improvements.
Oak Coast Properties is an active investor/owner pursuing multifamily community acquisitions within the western states of California, Arizona, Washington, Oregon and Utah, in addition to Colorado, Texas and Georgia. The firm’s acquisition targets include class B and C properties for the implementation of a value add, long-term hold investment strategy emphasizing net operating income growth potential.
About Oak Coast Properties: Co-founded in 2009 by Matthew Heslin and Phillip Nahas, Oak Coast Properties is a developer, owner and manager of multifamily properties. As an active purchaser of apartment communities, the firm applies a long-term investment approach to maximize the value inherent in each property holding. Oak Coast Properties is headquartered in Los Angeles, California.