RICHLAND, WA – Summerfield Commercial is pleased to announce the successful portfolio sale of Creekside and Twin Dolphins Apartments, a combined 127 residential units located in Benton County. Creekside and Twin Dolphins are located adjacent to one another at 1650 Mowry Square, Richland, WA and 160 Van Giesen Street, Richland, WA, respectively. First Creek LLC is the Buyer for Creekside Apartments, and a related entity, Rainier Sound View LLC, is the Buyer for Twin Dolphins. Robert Parmar and Ryan Kidwell of Summerfield Commercial brokered the transactions.
The properties sold for a combined value of $8,700,000 at a 7.0% cap rate. This translates to $68,504 per unit and $112 per square foot. The deals closed on August 27th, 2019.
Creekside is the larger of the two communities with 88 residential units and sold for $6,300,000. The property was originally built in 1978 and consists of 27 studios and 60 one bedrooms flats, plus 1 two bedroom townhome with a combined average unit size of approximately 580 square feet. Rich with amenities, residents of Creekside have access to a community clubhouse, game room, TV lounge, outdoor swimming pool, indoor hot tub & sauna, fitness center, and a relaxing courtyard with a BBQ grilling area. Residential units have an open floorplan, double wall construction for maximum sound control, heating & air conditioning, and either a balcony or patio.
Twin Dolphins sold for $2,400,000 and offers 39 total units comprised of 3 studio, 24 one bedroom, and 12 two bedroom units with an average size of 685 square feet. Common amenities at the community include a heated swimming pool, courtyard, and on-site laundry facilities. Residential units include heating & air conditioning, private balcony or patio, ceiling fans, and select units feature a fireplace. Twin Dolphins was constructed in 1962.
Summerfield Commercial specializes in the brokerage of larger multifamily assets throughout the Pacific Northwest.