A San Francisco-based entity affiliated with FPA Multifamily has recently acquired The Atrium on James apartments in Kent for a total of $60.4 million. The purchase was facilitated by brokers from Institutional Property Advisors (IPA), a division of Marcus & Millichap, who represented the buyers while the sellers were represented by a group of 23 investors from Japan.
According to reports from Puget Sound Business Journal, the property consists of 22 buildings and offers 300 units located at 6248 S.242nd Place. FPA Multifamily managed to secure this acquisition at an impressive discount, paying only about $74.2 million which is approximately 18% less than its tax-assessed value. To finance this transaction, they obtained a five-year loan through Berkadia Commercial Mortgage worth $35.2 million.
The apartment complex was originally developed in1989 and features one-, two- and three-bedroom units with an average size of around835 square feet each.In addition to this recent purchase,the California investor also acquired Waters Edge,a multifamily asset situated within The Lakes master-planned community in Kent,in2023.This particular deal cost them$80million or roughly$2631258 per unit.
This news article first appeared on Connect CRE’s website as “CA Investor Buys Kent Apartment Complex for Over $60M”.
