SEATTLE — Vista Investment Group and Sky Alps Capital have acquired a three-property, 215-unit portfolio in downtown Seattle for $35.2 million. The seller was an unnamed local investor and property manager who owned the buildings for about 30 years. JLL arranged a Freddie Mac loan for the buyers. The seller was represented by Dylan Simon, Jerrid Anderson, Matt Laird and JD Fuller of the Seattle office of Kidder Mathews.
The portfolio consists of three properties, all of which were developed in the early 20th century and are located within a mile of one another in the Seattle neighborhoods of Capitol Hill, South Lake Union and First Hill. The properties are Stockbridge Apartments with 76 studios and one-bedroom units; Carolina Court with 72 studios and one-bedrooms; and Charbern Apartments with 67 studios, one- and two-bedroom units. Vista is planning a multimillion-dollar capital improvement program, including renovations to apartment interiors as units turn over as well as upgrades to common areas and corridors. The portfolio was 97 percent leased at closing.