SEATTLE, WA – Holliday Fenoglio Fowler, L.P. (HFF) announces the $18.05 million sale of The James, a 144-unit, garden-style apartment community in Lakewood, Washington.
The HFF team represented the seller, FPA Multifamily, LLC, and procured the buyer, Watt Companies.
The James is located at 4828 123rd Street SW near several of Pierce County’s largest employment drivers, including the adjacent Joint Base Lewis-McChord (JBLM). Additionally, the property provides immediate access to various Seattle MSA commuting options such as Interstate 5 and the Sound Transit Lakewood station. The 14-building property consists of studio, one-, two- and three-bedroom units averaging 731 square feet. Originally constructed in 1976, The James has recently undergone significant common area improvements, including siding replacement, the addition of balcony enclosures, updated landscaping, new signage, a resurfaced parking lot, clubhouse and fitness center remodel and renovations/upgrades to approximately 50 percent of the units.
The HFF investment advisory team representing the seller included senior managing director Ira Virden and director Christopher Ross.
About FPA Multifamily, LLC: FPA Multifamily, LLC is a private equity real estate firm focused on the acquisition, renovation and management of both core plus and workforce housing apartment communities. Founded in 1985, FPA has owned over 104,000 apartment units valued at over $11 billion. FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund VI, which will acquire approximately $1.8 billion of assets, and its core plus focused FPA Core Plus Fund IV, which will acquire approximately $1.4 billion of assets. Headquartered in San Francisco, FPA also has offices in Irvine, Portland, Denver, Minneapolis, Dallas and Atlanta. For more information, please visit fpamf.com
About Watt Companies: Watt Companies offers comprehensive and diversified real estate services across the United States to investors and partners, homebuyers and commercial customers. These services include commercial development, homebuilding, asset management and the realization of capital investments. In its 70-year history, Watt Companies has developed homes for over 100,000 families, built over eight million square feet of industrial and professional office space, developed more than 50 shopping centers, three major first-class hotels and six major master-planned communities.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.