TRECAP INVESTS MORE THAN $63 MILLION IN TWO SEATTLE-AREA APT. PROPERTIES
SEATTLE METRO — TRECAP Partners LLC has invested more than $63 million in two Seattle-area apartment complexes in separate joint ventures with operating partners. Built in 1985 and 96 percent occupied, Riverstone Apartments is a 308-unit garden-style multifamily complex located in Federal Way, Wash., south of Seattle. Constructed in 1988 and 92 percent leased, Madison Sammamish Apartments is a 266-unit multifamily property located in Sammamish, Wash., east of the Emerald City. For Riverstone, TRECAP took a preferred-equity position in a joint venture with FSC Realty LLP, the previous owner of the property. For Madison Sammamish, TRECAP is joint-venturing with PPC to acquire Capmark’s interest. Investments were made on behalf of a TRECAP-managed fund for institutional investors.