Avante Apartments - Powered by GE
Avante Apartments are owned and operated by The Longwell Company, a real estate investment and management firm in Bellevue, Washington. The apartment complex is one of five that the company owns in the greater Seattle area. They own two more in Dallas.
The Longwell Company purchased Avante Apartments in 2008 for 38.38 million dollars. The deal was financed by GE Real Estate, an affiliate of General Electric, which has financed Longwell Company purchases in excess of more than 150 million dollars.
The Longwell Company bought Avante Apartments from San Francisco-based Bascom Centrestone Kent LLC. Just before the sale Bascom completed work on a comprehensive upgrade of the entire complex, including its amenities, grounds, and units. The transaction between Longwell and Bascom translates to about one hundred thousand dollars per unit.
Avante Apartments are located in Kent, Washington, part of the metropolitan Seattle area. The Longwell Company provides on-site management to its properties and brings additional renovations and upgrades to unit interiors including new paint jobs, the installation of washers and dryers in individual units, and clubhouse improvements that include business centers and business centers. They also focus on making so-called "green" technology improvements, such as additional insulation and low-flush toilets. Th3ese not only improve the tenant accommodations, they also enhance the environmental footprint of a complex.
The Longwell Company has owned Avante Apartments since 2008. The usual strategy for Longwell is to buy and improve a complex, and after managing it for anywhere from three to five years, then sell it at a significant profit.