Cumberland Holdings acquired the 55 unit Sunset Station Apartments located in SeaTac, Washington on June 1st.  It represents Cumberland’s third acquisition in 2012.

 

photo

The property will be renamed Avion Apartments.   Constructed in 2007, the community consists of one 4 story residential building over a one story concrete podium parking structure.   The building is controlled access with a diverse unit mix of studio, one, two, and three bedroom floor plans.    Consistent with Cumberland’s investment strategy, it is located in close proximity to employment centers that include the SeaTac International Airport, Westfield Shopping Center, Kent Industrial Valley, and the Boeing Renton Plant.   Also, Avion residents can walk to the SeaTac Light Rail Station, providing convenient access to Seattle’s 24 hour downtown.

“Avion is a unique opportunity to acquire a high quality, modern building in a submarket at the beginning of a rent recovery.   Coupled with the great financing we obtained, we expect the investment to generate great cash flow,” says Graham Chernoff, President of Cumberland Holdings.

Avion’s purchase price was $7,875,000 capitalized with private equity and a mortgage arranged by HFF and JP Morgan Chase.

Cumberland Holdings is an asset management and investment company. The officers of the company have extensive background in the acquisition, finance, and asset management of income producing real estate. The firm has offices in San Francisco and Rolling Hills California.

Click here for more info.

Refinance:   

In July 2015, Cumberland closed on the refinance of Avion.   Built in 2008 as condominiums,  Cumberland acquired Avion in May 2012 after a loan foreclosure.   During the refinance, a third party appraiser valued Avion at $10,300,000.   The Freddie Mac new mortgage of $6,000,000 has a fixed interest rate of 3.77% with interest-only payments due during the 7 year loan term.  The refinance returned 18% of Cumberland investors’ equity and will provide enhanced cash distributions going forward.   

Click photos to enlarge.



Entrance MonumentFeature WallKitchen/Barphoto[1]Avionphoto[2]Seattle