Griffis Residential Purchases 880-Unit Multifamily Portfolio in Metro Seattle

by Amy Works

RENTON, WASH. — Griffis Residential, through its Griffis Premium Apartment Fund IV, has acquired a two-property multifamily portfolio located in Renton, a suburb 25 miles south of Seattle, for an undisclosed price. The properties — Reserve and Sanctuary Apartments — have been renamed Griffis Lake Washington at the Landing.

Built between 2008 and 2010, the properties will be operated as an 880-unit single apartment community offering studio, one- and two-bedroom units, with an average size of 846 square feet. The property is within walking distance of a variety of amenities and employment opportunities, including The Landing, a lifestyle retail center, and Boeing’s 737 airplane manufacturing facility. Additionally, the community is adjacent to Southport, an under-construction mixed-use project that will feature hospitality, office and recreational space.

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