Greystar acquires $109m Seattle-area community

Greystar has acquired Alaire, a 357-unit multifamily property in Renton, Wash., a Seattle suburb.

The sales price is estimated to be  $108.5 million, according to media outlets.

The sellers were an entity affiliated with RISE Properties and Tokyu Land.

“Alaire is one of the premier garden assets in the region, offering an unparalleled amenities package and spacious floor plans averaging 1,070 square feet,” said Philip Assouad, IPA executive director, which announced the sale and represented the sellers and procured the buyer.

Giovanni Napoli, IPA executive director, said, “The sellers completed a high-end luxury renovation of the community with quartz countertops, undermount sinks, upgraded vinyl-plank flooring in living areas and new millwork packages. The new owner was drawn to this trophy asset due to its exceptional quality and central location, providing easy access to major employment centers in downtown Seattle, Bellevue, Kent Valley, and be