January 14, 2020
New York-based Phoenix Realty Group (PRG), and JV partner Palo Alto, CA-based Hanover Real Estate Investors, purchased two multifamily communities in Kent, WA through an affiliated entity for $79 million. The apartment properties include Lake Meridian and Royal Firs and total a combined 361 units. They were owned by the same unnamed individual and were purchased as a portfolio.
PRG’s Keith Rosenthal says, “Seattle is an important target market for growth for PRG. Given the strength of the local economy, wide-ranging outdoor activities and the presence of employers such as Boeing, Amazon and Microsoft, it is a compelling region for renters of all ages. We expect to acquire additional properties in the Seattle market over time.”
The communities offer such amenities as a leasing center, fitness center, pool, tot lot and covered parking. PRG plans to renovate, upgrade, and modernize the properties. The properties will be rebranded under PRG’s Alvista Communities brand, with Lake Meridian being renamed Alvista Lake Meridian and Royal Firs being renamed Alvista 240.
Mesa West Capital provided the buyers with $66.5 million in short-term debt for the acquisitions.
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