B-Town’s Vintage Park Apartments Site Sold
BURIEN â€“ The Laramar Group, a real estate investment and management company, has acquired the Vintage Park, a 543-unit apartment property in Burien.
The property, located at 1101 SW 139th Street, will be renamed The Heights at Burien.
Currently, the site is called “One Thirty Nine at the Park,” and, according to its website:
“…is one of the largest apartment complexes in Washington. Located along Burien’s main stretch of roadway, this sprawling complex has more than 500 apartments.
A majority of the residents here are recent Mexican immigrants who speak only Spanish, as well as recent indigenous Mexican immigrants known as Tarascans, who speak a language which dates back to the time of the Aztecs.”
Opened in 1993, the New Futures site at Vintage Park consists of 4 linked apartment units that have been caringly converted into classrooms, computer labs, and family meeting areas. Painted with vibrant colors, the Vintage Park site is filled with the lively energy of its many neighbors, volunteers, students, and staff.”
According to the press release, Vintage Park is the 15th property acquisition for the Laramar Group. The property was acquired directly from the seller.
Constructed in the mid-1940s, the 543-unit apartment property comprises 44 buildings on a 25-acre site. Offering one-, two- and three-bedroom apartments, the complex will apparently undergo a significant transformation, including property upgrades, renovations and the new property signage and logo (EDITOR’S NOTE: Should new signage and logo really considered an “upgrade”?).
Laramar plans a $12 million strategic renovation to the apartment interiors including the upgrade of kitchens and baths, new lighting and hardware and the addition of washers and dryers. Major improvements and updates to common areas will include new siding and roofs, upgraded playground and picnic areas and improved lighting, paving and concrete work. New amenities will include a new club room, business center and fitness center. Additionally, Laramar’s management team will implement new leasing and marketing strategies (EDITOR’S NOTE: we predict that the phrase “new leasing and marketing strategies” = RENT INCREASE).