Sack Properties has purchased Fairwood Landing, a 195-unit garden-style community in Renton, Wash., for $61 million. CES Properties sold the asset in an off-market transaction, which represents the third-largest deal in the Seattle suburb in the past three years. Kidder Mathews brokered the transaction on behalf of the buyer.
Focused on value-add and core-plus properties in primary western U.S. markets, Sack Properties acquired the 1981-built Fairwood Landing with plans to reposition the community. Located at 1421 SE 177th St., the community features a mix of one- and two-bedroom units, ranging from 646 square feet to 891 square feet. The property is near several retail and entertainment options and is within 25 miles of downtown Seattle and Bellevue.
Thanks to a diversifying economy and high-paying jobs, particularly in the tech sector, Seattle has been a top destination for relocating residents. The metro is expected to gain more than 220,000 residents over the next five years, according to Marcus & Millichap research.
Even as renters return to the urban core, suburban submarkets have seen unprecedented leasing activity at the beginning of 2022. Overall, every submarket across Seattle recorded decreasing vacancy rates over the past several quarters, reaching a metro vacancy of 2.8% at the end of the first quarter, Marcus & Millichap revealed.