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Pacific Urban Residential acquired the 357-unit Wasatch Hills apartments from Utah-based Wasatch Group for more than $67M. The property, near Downtown Renton, was developed in 1985 and bought by Wasatch in 2006 for around $42M. By local standards, it has a low density — 17 units/acre — three clubhouses, and units with an average size of 1,047 SF.
Colliers International senior vice president Dave Schumacher repped California-based PUR in the deal. The company had an active 2016 in the apartment sphere, involved in over $1B in multifamily transactions on the West Coast.
PUR is now looking to increase its presence in greater Seattle, according to managing director Jesse Mark, based in the Seattle office. "In the region, we are actively looking in Seattle, on the Eastside and in suburban markets as far north as Mukilteo and as far south as Renton," he said.
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