AFC Realty arranges $7.8M - AFC Realty Capital Inc.; $ 7.8 million

Real Estate Weekly, August 19, 1992

New York City-based AFC Realty Capital Inc. has negotiated $7,837,200 in permanent financing for the 329-unit Sunrise Pointe Apartments in Kent, Washington, reports AFC president Arthur Fefferman.

The property is about 18 miles south of Seattle and 19 miles north of Tacoma.

The apartment complex contains 32 two- and three-story buildings on a 15.5-acre site. There are 116 one-bedroom units, 163 two-bedroom units and 50 three-bedroom units. Parking is provided for 613 cars, including 96 covered spaces.

Sunrise Pointe Apartments is located in the booming East Hill section of Kent at the intersection of 109th Place S.E. and S.E. 254th Street, an attractive residential area.

Sunrise Pointe Apartments is owned by Sentinel Real Estate Fund, a group trust for employees pension plans, which is managed by Sentinel Real Estate Corp., a New York-based advisory firm with a $2 billion diversified real estate portfolio under management, including over 32,000 apartments.