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American Continental acquires Seattle-area apartment complex.

American Continental Properties, a New York-based real estate investment and development firm, has acquired Waterford at the Lakes, a 344-unit apartment complex in Kent, Washington, a suburb of Seattle.

The property was purchased in a $16 million all cash transaction from the Bank of California.

Built in 1990, Waterford at the Lakes is located within The Lakes, a master-planned community, containing a 28 acre lake system. The complex is situated in the heart of the Kent Valley, within 1.5 miles of two major freeways and five miles from the Seattle-Tacoma Airport.

The community of one- and two-bedroom apartments is situated on an 18 acre site. It features a fitness center and independently operated childcare center. All the units have decks or patios and washer/dryers, and most have woodburning fireplaces.

With the Waterford acquisition, ACP has now purchased a total of 6,000 apartments over the past three years. Other recent acquisitions have been concluded in Houston, Dallas, and Corpus Christi, Texas; Tampa and Naples, Florida; and Albuquerque, New Mexico.
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Title Annotation:American Continental Properties
Publication:Real Estate Weekly
Date:Aug 4, 1993
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