Kitsap’s
rental housing market is hot and investors have
taken notice.
At least eight large apartment complexes sold in the past year for a combined $174 million, according to county records.
One Los Angeles investment group, Benedict Canyon Equities, appears to have acquired four apartment complexes in Silverdale for more than $30 million each. My calls to Benedict Canyon were not returned.
Here’s a rundown of major apartment sales since the start of 2015, ranked by sale price:
TreeTops, Silverdale — $40.25 million
Sale
date: Dec. 11, 2015
Assessed value: $20.2 million
Sold by: Treetops Investors LLC. to Tahoe Lane Apartments LLC.
Location: 1206 NW Tahoe Lane, off Ridgetop Boulevard NW.
Notes: Benedict Canyon Equities is the listed taxpayer.
Wellington, Silverdale — $38.25 million
Sale
date: Sept. 24, 2015
Assessed value: $19.99 million
Sold by: GFS Wellington LLC. to Gemini Wellington Fee Owner LLC.
Location: 3435 NW Kensington Lane, off Randall Way.
Notes: This property is part of TruAmerica’s portfolio. TruAmerica has its headquarters at the same address as Benedict Canyon Equities.
Santa Fe Ridge, Silverdale — $37.5 million
Sale
date: Jan. 29, 2016
Assessed value: $21.75 million
Sold by: SK Santa Fe Ridge LLC to Santa Fe Ridge Apartments LLC.
Location: 1410 NW Santa Fe Lane, off Ridgetop Boulevard.
Notes: Benedict Canyon Equities is the listed taxpayer.
Madison at Ridgetop, Silverdale — $31.25 million
Sale
date: Sept. 24, 2015
Assessed value: $18.12 million
Sold by: GFS Ridgetop LLC. to Gemini Ridgetop Fee Owner LLC.
Location: 11150 Voyager Lane NW, off Ridgetop Boulevard NW.
Notes: This property is part of TruAmerica’s portfolio. TruAmerica has its headquarters at the same address as Benedict Canyon Equities.
Bremerton Gardens, Bremerton — $13 million
Sale
date: March 9, 2016
Assessed value: $12.67 million
Sold by: Bremerton Stephanus I LLC. to Bremerton Fee Owner LLC.
Location: 4038 Mountain View Drive, off lower Wheaton Way in Manette
Notes: The new owner is an affilliate of New Standard Equities of Los Angeles. They plan major renovations.
Admiral Manor, Bremerton — $5.83 million
Sale
date: Jan. 22, 2016
Assessed value: $5.49 million
Sold by: Admiral Manor LLC. to Project S12 LLC.
Location: 145 Bloomington Ave., off Burwell Street.
Notes: The owner is an affiliate of The Stratford Company of Seattle. They plan major renovations.
Camelia, Bainbridge Island — $4.57 million
Sale
date: March 9, 2016
Assessed value: $2.19 million
Sold by: Ihland Apartments LLC. to LBG Bainbridge LLC.
Location: 235 Camelia Loop NE, just southeast of the library off Madison Avenue.
Notes: The new owner appears to be an affiliate of a Vancouver, B.C. company. (Corrects a HQ location I listed earlier.)
Woodcreek, Poulsbo — $3 million
Sale
date: Sept. 8
Assessed value: $1.53 million
Sold by: Woodcreek Associates to Poulsbo 40 LLC.
Location: 2160 NE Hostmark Street, across from Poulsbo Middle School.
Notes: New owner is based in San Diego. This complex was originally subsidized by a federal loan, but was recently converted to market rate apartments.
UPDATE: This post was updated to reflect that the Wellington and Ridgetop apartments are owned by TruAmerica.
Assessed values are for the 2016 tax year. Check back this week for a roundup of major commercial real estate sales from the first quarter of 2016.
