The Lighthouse Apartments, a multifamily community in Kent, has been acquired by California-based private equity real estate firm Freshwater Investments.
It’s the second property in the Puget Sound metro area that Freshwater has recently added to its portfolio. The company also owns the 93-unit Stinson Apartment Homes in Everett.
“Seattle metro area continues to be a sought-after location with high potential,” said Alex Rozenfeld, Freshwater Investments founder and managing partner. “With this acquisition, we have almost doubled our portfolio here and created new opportunities for our investors.”
Built in 2002, the three-story Lighthouse community consists of 76 units, a mix of one-, two- and three-bedroom apartment homes ranging from 716 to 1,198 square feet. It was previously owned by TruAmerica Multifamily.
“The cost of housing in Seattle has increased significantly, which has driven residents to the suburbs,” said Corey Marx, managing director at JLL, the firm brokering the sale. “As a result, Kent and other suburban markets in the region have experienced strong rent growth.”