2/11/2008

JV offers up Seattle apartments for $73M

by

Belara at Lakeland

The Seattle office of Hendricks & Partners has been hired to market and sell the Belara at Lakeland apartment community in the Seattle suburb of Auburn for $73 million or $169,767 per unit.

Kenny Dudunakis is representing the seller, a joint venture between Apollo Real Estate and ColRich Multifamily Investments.

The Belara is a 430-unit apartment community located at 6170 Terrace View Lane. Built in 2006, it is situated on 40.2 acres and contains a unit mix of 182 one-bedroom, 196 two-bedroom and 52 three-bedroom apartments. It is being offered with a five percent capitalization rate.

Auburn is located approximately 28 miles south of Seattle and has a population of 48,886, according to the U.S. Census Bureau.

Address: 6170 Terrace View Lane, Auburn, Wash.

Size: 430 units

Built: 2006

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Filed Under: Multi-Family

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