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For Immediate Release
Media Inquires:
Sharon Finley
Public Relations Initiatives
928.717.1880
sharon@pr-initiatives.com
Ratel Investments Purchases
284-Unit Renton, Washington Apartment Complex
Oakland, Calif., August 20, 2004 – Ratel Investments, a real estate private equity company, today announced an investment in Cascade Heights, a 284-unit garden-style apartment complex in Renton, Washington. [See photo below.] Ratel and an operating partner purchased the property
from Horizon Realty Advisors for $16,000,000.
Built in 1974, Cascade Heights is located in the Renton Highlands neighborhood. The complex consists of 30 buildings containing 205,714 square feet situated on approximately 12 acres of land. The property also includes 560 parking spaces, two swimming pools, a fitness center and a basketball court.
As part of the operating plan, the property will be upgraded with more than $1 million of capital improvements over the coming 12 months, including newly renovated interior units, improved landscaping, and refurbishing of the sales office.
“This is a great addition to portfolio,” said Joe Gillach, a Principal at Ratel Investments. “Cascade Heights embodies the type of property we like best—a well located, multi-family complex in an improving urban center which offers an opportunity to create value through renovation and repositioning.”
About Ratel Investments (www.ratelinvestments.com)
Ratel Investments is a real estate private equity firm that purchases real estate assets both directly and indirectly with partners. Based in San Francisco, California, Ratel’s portfolio includes more than 1,000,000 square feet of income-producing real estate assets throughout the western United States.
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