L5 Adds Another Seattle Apartment Building To Portfolio
L5 Investments recently purchased the 97-unit Montrose Apartment Community for $15.35M. This is L5’s fourth multifamily building purchase in the greater Seattle market, bringing its total regional units to 220. L5 now owns 3,700 units nationwide.
L5 plans to spend $1.1M in capital improvements on updating Montrose over the next year, including adding washer/dryers to all two- and three-bedroom units.
The acquisition fits with L5’s long-term strategy to purchase apartment communities in densely populated regions that have strong job growth and good access to mass transit, L5 Investments founder and Managing Partner Michael Flaherty said.
Montrose, at 220 South 152nd St. in Burien, has access to Interstate 5 and SR 509. It is less than a mile from the Burien Transit Hub.
This is L5’s second Burien purchase in the last few months. In late 2017, the firm acquired the 52-unit Raleigh Apartments for $8.2M. That property is undergoing a $700K renovation.
Berkadia's Ben Johnson brokered the transaction on behalf of L5 and the seller, an FPA Multifamily LLC entity.