Updated Dec 4, 2024
Greystar Acquires 357-Unit Multifamily Complex In Renton For $108.5 Million From Rise Properties & Tokyu Land US
510 Stevens Avenue Southwest
$108,500,000
Units
357
Asset Type
MultiFamily
Closing
Aug 5, 2024
About this deal
AI
The property involved in this transaction is a multifamily asset located at 510 Stevens Avenue Southwest in Renton, WA. The sale was completed for a total price of $108,500,000. The property consists of 357 residential units, translating to a price per unit of $303,922.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $108,500,000
- Units: 357
- Price per Unit: $303,922
- Buyer: Greystar
- Seller: Rise Properties & Tokyu Land US
- Brokers: Christopher Moyer, Jason Blankfein, Paul Roeter & Sam Wayne - Cushman & Wakefield
The transaction represents one of two significant multifamily deals in the greater Seattle area, indicating robust activity in the market. Greystar's acquisition highlights its ongoing investment strategy in multifamily properties within key locations.
On the Map
$108,500,000
MultiFamily
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Renton MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93