Constellation was acquired as part of a multi-state portfolio and is located in the strong Seattle suburb of Renton. The submarket’s rent growth, occupancy rates, and employment figures have been trending upwards for quite some time and the property stands to directly benefit from the strength of the local economy, as from the well from the macro-tailwinds supporting the broader Seattle MSA. TruAmerica intends to maximize returns on this investment by implementing a moderate renovation program to unit interiors and common area amenities. The Company owns over 900 units in the City of Renton and is experienced in the submarket.
The blended acquisition cap rate of the portfolio was far higher than those of market comparable sales.
Constellation Apartment Homes are situated in the prestigious Renton area and feature spacious one and two bedroom floor plans, each outfitted with a cozy fireplace. Secluded and peaceful, Constellation Apartment Homes offers a private setting, yet provides easy access to I-5, 405, Hwy 167, Westfield Southcenter Shopping Center, Valley Medical Hospital, The Landing, Boeing and Gene Coulon Park. Live in the perfect location with convenient access to restaurants, shopping, and entertainment.