Arise Capital Acquires Wellington Place Apartments In Burien Washington For $37.3M

The sale involves Wellington Place Apartments, a multifamily asset located at 327 South 177th Place in Burien, WA. The transaction was completed for a total price of $37,300,000, which equates to $227,439 per unit for the 164 units within the property. An affiliate of Arise Capital acquired the asset from investors based in Nevada, and as part of the deal, a $21.12 million Fannie Mae loan was assumed, which is set to mature in June 2030 with a 2.65% interest rate.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $37,300,000
• Units: 164
• Price Per Unit: $227,439
• Buyer: Arise Capital
• Seller: Nevada investors
• Loan Amount Assumed: $21,120,000
• Loan Maturity: June 2030
• Loan Interest Rate: 2.65%

The acquisition was facilitated by Arise Capital, which took steps to finance the purchase through the assumption of the existing loan. This operation highlights the strategic investment approach by Arise, focusing on growth within the multifamily sector in Washington state.