Vista Investment Group (“Vista”), in partnership with San Francisco-based Sky Alps Capital, has acquired a portfolio of three pre-war multifamily properties totaling 215 apartment homes in downtown Seattle for $35.2 million. 

For Vista, a Los Angeles-based real estate investment firm, which has been active in the Pacific Northwest for nearly a decade -- with a portfolio of multifamily and office assets throughout the state of Washington -- the acquisition includes: 

• Stockbridge Apartments 
1330 Boren Avenue 
76 studio and one-bedroom apartment homes 

• Carolina Court 
527 Eastlake Avenue E 
72 studio and one-bedroom apartment homes 

• Charbern Apartments 
1705 Belmont Avenue 
67 studio, one-, and two-bedroom apartment homes 

All three properties, built in the early 20th century, are located within a mile of each other in Seattle’s popular neighborhoods of Capitol Hill, South Lake Union and First Hill. The seller, a prolific local investor and property manager, completed substantial capital improvements to major building systems, structural components, and common areas across the portfolio over the 30 years of their ownership. 

According to Vista President and Co-founder Jonathan Barach, the portfolio presented an attractive opportunity to capitalize on downtown Seattle’s strong demand drivers and improving urban rental dynamics. 

“With minimal new supply coming online, one of the best rent-to-income ratios among major U.S. cities, and a dominant center for AI innovation and talent, Seattle is poised to be one of the top-performing multifamily markets over the next five years,” said Barach. “Our goal is to continue increasing our exposure in both Core Plus and Value-Add investments over the next 12 months, especially in and around the urban core.” 

Vista plans to implement a multimillion-dollar capital improvement program, including renovations to apartment interiors as units turn over, as well as upgrades to common areas and corridors. 

The portfolio was 97% leased at closing. 

Vista leveraged the acquisition with attractive five-year agency financing from Freddie Mac arranged by JLL’s Los Angeles-based Private Capital Group. 

The seller was represented by Dylan Simon, Jerrid Anderson, Matt Laird, and JD Fuller of the Seattle office of Kidder Mathews.