Funds managed by Greystar Real Estate Partners have acquired Zig Apartments in Seattle, US.
Greystar said the 170-unit property, which was completed in 2017, also includes 5,018sqft of retail space.
No financial details were disclosed.
Kevin Kaberna, the executive director and leader of Greystar’s US investment platform, said: “Zig Apartments offers Greystar a rare opportunity to acquire a best-in-class multifamily asset in the strategic gateway market of Seattle.”
The property will greatly benefit from the city’s robust employment growth and resulting positive rental trends, he said.
“This core plus acquisition is indicative of Greystar’s continued commitment to acquiring core assets in up-and-coming areas of gateway markets where we can deliver maximum returns and outstanding value to our investors,” Kaberna said
In July last year, IPE Real Assets reported that fund manager Greystar seeded a core residential fund with $3bn acquisition of Monogram Residential Trust, a listed owner of luxury apartment communities in the US.
Greystar currently owns 2,206 units in the Seattle Metro Area and manages 21,186 additional units in the region.