Sunset View Apartments Homes, Seattle Washington, United States
A multifamily property with 240-unit garden style apartment community built in 1970 located in Renton, Seattle, Washington in the United States. The investment was the first internal real estate deal acquired by Rasameel in December 2016 at a purchase price of USD41 million. The investment strategy was to acquire the asset, implement renovations to the units per the business plan to add value and then sell the property. The investment was able to successfully distribute a net cash return of 8.00% per annum to investors throughout the hold period until January 2020. The distributions to investors were paid on a monthly basis. Rasameel was able to exit the investment before Covid-19 outbreak at an attractive sale price of USD 49.75 million.