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Fowler Property sells 2 Seattle apartment assets for $103.5M

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Fowler Property sells 2 Seattle apartment assets for $103.5M

San Francisco-based investment firm Fowler Property Acquisitions sold two apartment properties in suburban Seattle for a total of $103.5 million, the Puget Sound Business Journal reported.

Limited liability companies affiliated with Plymouth Meeting, Pa.-based Bel Canto Asset Growth Fund purchased the 543-unit Alturas in Burien and the 144-unit James in Lakewood for 66% more than what Fowler Property paid for the buildings in 2016.

The Alturas asset sold for $85.5 million, while the James property traded for $18 million, compared to their 2016 sales prices of $51.5 million and $11 million, respectively.

The seller and Bel Canto officials could not be reached for more information, the publication added.