Avana 522, acquired by Greystar in 2012 for $91.3 million has recently been sold for $143.3 million, a 57% increase in just over three years. The property was acquired by Chicago-based LivCor Multifamily Asset Management from Greystar, currently the largest apartment company in the country with around 410,000 rental units.
Greystar is well known for purchasing and acquiring as well as selling building properties throughout the Puget Sound region and during mid-December announced that it will be selling off $2 billion worth of assets, including some of the Seattle region though the sale of Avona 522 may be unrelated. This apartment complex features 558 apartments built throughout the 1980s and 1990s. Located at 18511 126 Avenue Northeast, Avana 522 is 2 miles east of the University of Washington Bothell campus, one of the fastest growing public universities in the state and one of the 10 fastest-growing in the nation.
Currently, Avana 522 is LivCor’s only Washington property although it has a portfolio of more than 100 apartment buildings totaling around 35,000 units in 19 different states.
Greystar has recently completed a 282 unit project in Seattle’s South Lake Union neighborhood and is also planning a 433 unit development close to Amazon’s headquarters in South Lake Union. Greystar also has purchased a $58.2 million building from Vulcan Real Estate in the same neighborhood and paid nearly $120 million for two different apartment buildings as well as a midrise project on Queen Anne Hill’s uptown neighborhood. The company is positioning itself to capitalize on the growth from Amazon, Google and Expedia’s new move to the Seattle area. However, not all of the company’s assets will be in the Seattle area as just this summer, Greystar paid $128 million for complex in Kirkland near Google’s Eastside campus.
For more information on apartments, condominiums or housing near any of these major Seattle-based companies please contact Mary Pong today.