LAKEWOOD, WASH. — Sage Homes Northwest has acquired a three-community multifamily portfolio from a private local owner for $20.4 million in an off-market transaction.
The portfolio includes:
- Garden Park Apartments, a 49-unit property at 12802-12878 Lincoln Ave. SW
- Colonial Court Apartments, a 41-unit asset at 9120 Lawndale Ave., 9104 Newgrove Ave. SW and 9119 Kenwood Ave. SW
- Evergreen Court Apartments, a 40-unit community at 12805-12809 47th Ave. SW
The buyer plans to perform value-add upgrades to the properties, which were built in the 1960s and 1970s, to bring the assets up to market-rate value.
Brandon Lawler, Jerrid Anderson and Dylan Simon of Kidder Mathews’ Simon and Anderson team represented the buyer in the transaction.