TruAmerica Multifamily acquired Plum Tree Park, a 96-unit Renton multifamily property for $47.4 million.
The Los Angeles-based investment company bought the 34-year-old garden-style asset at 200 SW Fifth Place. The 14-building property occupies 8.1 aces on Rainier Avenue South.
The price is 7% less than the assessed value of nearly $51 million, reported the Puget Sound Business Journal. Institutional Property Advisors’ Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino brokered the deal. The seller is a limited liability company whose Boston address is the same as Eaton Vance, a wealth manager to financial advisers and high-net-worth individuals.
The company is planning a comprehensive renovation program, including upgrading 95% of units with quartz countertops, wood-style flooring and stainless steel appliances. The complex’s one- and two-bedroom units average 865 square feet, with fireplaces, in-unit laundry and private outdoor space. Amenities include the clubhouse, an outdoor pool, fitness facilities, dog park, playground and covered parking.
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