Strategic Capital Partners Invests in Seattle Apartment Project with Horizon Realty Advisors
Renovation is planned for 80-unit, 12-building property; acquisition is second between partners
Seattle, Washington, January 4, 2008— Strategic Capital Partners, LLC (SCP) through its fund, Strategic Partners Value Enhancement Fund, has acquired Newport Heights, an 80-unit apartment community in Seattle, WA, through a partnership sponsored by Horizon Realty Advisors LLC (HRA), a Seattle-based, multi-family owner and manager.
Newport Heights, built in 1985, is located in South King County next to I-5, the major north-south highway leading to Seattle and I-405. The property is also minutes from the Seattle Tacoma International Airport and is centrally located to the major employment centers in King County.
The 80-unit property is located on 4.5 acres, comprises 12, two-story buildings and is currently 99% occupied. Horizon will execute a renovation of the property and will spend approximately $800,000 on exterior paint, new roofs, and interior unit upgrades including new flooring, appliances, lighting, and counter tops.
“Strategic Capital Partners is pleased to be partnering on our second deal with an organization with such a strong reputation and track record as Horizon Realty Advisors,” said Fred Scott, Vice President of Acquisitions of Strategic
Capital Partners.
Added Tim Smith of HRA, “Newport Heights marks our second acquisition with SCP. In March of 2007, HRA and SCP closed on the North Park Village, a 170-unit multi-family property in Salt Lake City, Utah. Partnering with SCP is proving to be a win/win arrangement. We are excited about the Newport Heights acquisition and the
prospects for many more with SCP.”
Horizon Realty Advisors LLC (HRA) is a privately-held company that owns and operates more than 5,300 units of apartments and student housing in five different states in the U.S.
Strategic Capital Partners, LLC (SCP) is a privately-held, real estate investment management firm that employs a value-added investment strategy of acquiring commercial and multi-family properties via joint ventures with experienced real estate operators. SCP is focused on properties across the United States that can be repositioned, released and/or redeveloped. The company is headquartered in Chicago with offices in Indianapolis and New York. Learn more about SCP at www.StrategicCapitalPartners.net.