RENTON, WA - MIG Real Estate, a Newport Beach, California-based real estate investment company, has acquired The Berkshire, a 274-unit garden apartment community in Renton, Washington.
"The greater Seattle market has extremely strong fundamentals due to its robust employment growth, strong education system, and diverse and prominent employer base," said Greg Merage, CEO of MIG Real Estate. "The Berkshire has tremendous upside potential as a result of its strategic location and value-add potential."
The Berkshire is situated on the south shore of Lake Washington at 1300 South Eagle Drive, in the thriving Seattle submarket of Renton. Located 10 minutes from Sea-Tac Airport and 20 minutes from downtown Seattle and Bellevue, the property has convenient access to Interstate 405 and the Renton Transit Center. The property also boasts immediate access to the Bellevue Central Business District (CBD), Westfield Southcenter, the recently transformed Piazza Park and Pavilion, and The Landing in Renton.
Considered the third-best apartment investment market in the country by Pricewaterhouse Coopers, apartment occupancy rates in the Puget Sound region remain high at 95 percent. Strong demand for product in Renton caused rents to surge 13 percent year-over-year as of Q2 2015, and recent renovation premiums have reached as high as $250 per unit, per month.
Serving major corporations including Boeing, Microsoft and Amazon, Seattle's economy continues to expand with job growth projected to increase at an annual rate of 1.7 percent over the next 10 years. In fact, Boeing recently announced plans to increase production by 40 percent at its Renton and Everett plants, which will bring 20,000 to 30,000 new workers to the area by 2020.
In addition to its desirable location and views of Lake Washington, The Berkshire offers abundant parking and a variety of floorplans. The property benefits from recent unit renovations, including flooring, cabinet, lighting and appliance updates, and also features a repositioned clubhouse, leasing center, and two pools complete with a state-of-the-art fitness center, resident lounge and outdoor fire pit.
The Berkshire represents MIG Real Estate's second investment and first multifamily investment in the Seattle area, following the company's purchase of Canyon Park 228 Corporate Center, a two-building office park in Bothell, Wash.
MIG Real Estate represented itself in the transaction. Jon Hallgrimson and Eli Hanacek of CBRE represented the seller.