This week, the 543-unit Alturas Apartments – located at 1101 SW 139th Street in Burien – was sold by Fowler Property Acquisitions, and will now be managed by Forty2, LLC.
Fowler Property Acquisitions (FPA), of San Francisco, bought the then-named “Heights at Burien” for $51.5 million in 2016.
Fowler received 66 percent more than what it bought the complex for in early 2016 – around $84.5 million.
New owner Forty2 LLC is located in Plymouth Meeting, PA.
As many of our Readers will recall, this apartment complex has seen its share of shootings and crime (read our extensive previous coverage here).
The new management company announced some changes in what appears to be an attempt to clean the place up:
“Effective immediately, community rules and regulations that are to insure the enjoyment of all parties, which are subject to be updated, will be strictly enforced and fines may be applied for non-compliance including, but not limited to, the specific items below:
1. All patios, balconies, and common areas are to be clear of clutter and trash
a. Patios and balconies are not to be utilized as storage areas
b. Excessive décor and hanging plants are not permitted
2. Common areas are not to be used for resident storage
3. All non-operable vehicles are to be removed from the community
4. All vehicles are to be parked in the front load position with the exception of police vehicles
a. Parking stickers will be provided; please await further notification from management
5. All pets are to be recorded in resident’s lease file
6. All security deposits have be transitioned to Forty2 Management
7. All satellite dishes are subject to written approval
8. All window coverings must have white backing
9. Due to safety hazards, there will be no grills / barbeque pits allowed on balconies or patios
10. Window air conditioning units are not allowed and must be removed
11. Video surveillance will go into effect for protection of the property”
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