Home Finance 26-Unit Clover Meadows Apartments Sells for $3.3M in Off-Market Deal

26-Unit Clover Meadows Apartments Sells for $3.3M in Off-Market Deal

Clover Meadows, Kidder Mathews, Lakewood, Seattle
Courtesy of Kidder Mathews

Seattle, Wash. – Clover Meadows Apartments, a 26-unit multifamily property located at 12517 47th Avenue SW in Lakewood, Washington, sold for $3,302,700 in an off-market sale structured by Kidder Mathews. The buyer was Michael Delaney of Sound Investments. Brandon Lawler, Dylan Simon, and Jerrid Anderson of The Simon and Anderson Team, a multifamily investment team at Kidder Mathews, represented the buyer on the transaction.

Originally built in 1968, Clover Meadows is a garden-style apartment community situated on 1.6 acres of land in the budding city of Lakewood. The property has seen a recent interior renovation but still leaves the buyer with plenty of value-add opportunities.

The Simon and Anderson Team sourced the Clover Meadows Apartments off-market. They represented the buyer, an active investor in the region currently expanding its portfolio across Pierce County. In June, the sale went under contract, but due to challenging lending conditions posed by COVID-19 in fall 2020, it had to weather the storm for a November closing.

“We continue to remain bullish on the South Puget Sound apartment market and opportunities for apartment investors throughout the market. Lakewood, Tacoma, and Auburn are the only three markets in the entire Puget Sound to see rent growth after the unemployment stimulus boost ended,” said Lawler.

About the Dylan Simon and Jerrid Anderson apartment brokerage team
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents investors in the sale, purchase, and financing of apartment buildings and development land across the greater Seattle and Puget Sound region. The team of seven brokerage professionals specializes in sales and financings of apartment buildings and development land from $1M to in excess of $100M. 

About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9.6 billion in transactions, manages over 70.5 million square feet of space, and conducts over 1,680 appraisals annually.