TruAmerica Multifamily has finalized the disposition of a six-property, 1,039-unit multifamily portfolio in the Seattle and Portland, Ore., metros. The Blackstone Group acquired four of the assets for a combined $174.8 million, according to King County records.
Entities registered by Blackstone prior to the deal also indicate that the transaction includes 188 units in Lynnwood as well as a 104-unit community in the Portland suburb of Vancouver, Wash. Although sale documents were not available at the time of publication, the two assets had a combined assessed value of $52.1 million at the start of the year.
The properties in the portfolio include:
The communities were built between 1980 and 1992 and have a variety of one-, two- and three-bedroom floorplans between 600 and 1,216 square feet. On-site amenities include swimming pools, spas, gyms and business centers.
In October, The Blackstone Group paid $63 million for The Palmer, a 318-unit luxury community in Charlotte, N.C. A joint venture between Dominion Realty Partners and Edge Principal Advisors sold the asset.
