FEDERAL WAY, WA - San Diego-based S. Lew & Associates and investors have purchased the 401-unit Avery at the Reserve apartment community from The ConAm Group of San Diego for $90 million. The acquisition strengthens the company’s presence in the Pacific Northwest, representing its fifth multi-family apartment community acquisition there and bringing its total units in the area to more than 1,200.
The community, located at 125 SW Campus Drive near Interstate 5 at the midpoint of the Seattle-Tacoma-Bellevue MSA, is ideally situated to serve the area’s robust technology and industry employment centers.
The 39.15-acre community situated in a lush forest-like setting features one-, two- and three-bedroom apartments, averaging 887 square feet, and extensive amenities that include two indoor pools, indoor spa, outdoor pool, clubhouse, fitness center and yoga studio, children’s playground, dog run and business center.
The deal was brokered by David Young, Corey Max and Chris Ross of JLL.
“Avery at the Reserve will be energized and rebranded as Encore Apartment Homes,” said Stephen Lew, president of S. Lew & Associates, Inc. “Our acquisition reflects our belief that this region will continue its tremendous growth in economic potential and superior job growth. We believe Encore will enhance the performance of our existing portfolio in the region and will result in strong returns for our investors.”
Lew added, “Residents will also benefit from our hands-on approach and our association with Epic Asset Management of Seattle, a full-service property management company with over 50 years of success attributed to attention to details that drives client growth in value and an exceptional level of care for its residents.”
Lew & Associates, Inc. is a privately held real estate investment firm with an emphasis on stable, income-producing multifamily apartment communities and commercial real estate assets, focusing on Southern California and the Pacific Northwest. Since 1978, S. Lew has successfully invested in real estate assets valued in excess of $1 billion with $600 million in current assets under management.
Source: S. Lew & Associates