December 16, 2016
Value-added investors have sold the Waters Edge Apartments in Kent, WA for $56.5 million.
That’s a big increase from $40 million. That’s the price Admiral Capital Group and Security Properties, both with offices in Seattle, paid to buy the property back in February 2015, before they completed their value-added redevelopment, according to The Registry, Puget Sound Real Estate.
“Our strategy is to identify capital-deprived assets in markets with a supply and demand imbalance,” said Dan Bassichis, Co-Founder of Admiral Capital Group. “Waters Edge was an ideal fit.”
“Waters Edge is representative of the opportunities we like to target,” said Barrett Sigmund, Senior Director of Investments at Security Properties. An extensive renovation plan, including new siding and decks outside and new kitchens and baths inside, improved the property to match its very strong location.