Sunset View Apartment Homes
Seattle, Washington

On behalf of a Gulf-based Shari’a compliant institutional client, Property Income Advisors, Inc. acquired the Sunset View Apartment Homes located in Renton (Seattle), Washington during November 2016.  Purchased at a price of $33.6 million through a joint venture with an experienced local operator, a value-add strategy will be undertaken that will provide strong current income and the potential for a significant capital gain.

Built in 1970, the 240-unit garden style apartment community is situated on a 15-acre site with mature landscaped areas and many amenities for the residents.  The property has a competitive advantage in the market due to its very large units and unobstructed southern panoramic views of Mount Ranier.  As downtown Seattle and the prime Eastside apartment submarkets continue to price renters out of the market, the next immediate submarkets, including Renton, are seeing tremendous growth, which this investment will benefit from.

A $5.2 million capital improvement program will be undertaken at the property immediately.  These improvements consist of roof and siding repairs, exterior and interior painting and the addition of new on-site resident amenities.  Landscape and signage improvements, deck and parking lot repairs and the installation of washers/dryers and other upgrades to the unit interiors will also be completed in all units.

Responsibilities:   Acquisition, Joint Venture Negotiation and Asset Management