Home Finance 94-Unit Richland, WA Apartment Community Sells for $17.75MM

94-Unit Richland, WA Apartment Community Sells for $17.75MM

RICHLAND, WA, November 30, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 575 Columbia Apartments, a 94-unit apartment community located in Richland, WA, according to Joel Andrew Deis, regional manager of the firm’s Seattle office. The asset sold for $17,750,000.

Timothy Ufkes and Evan McLeod of The Ufkes Group in Marcus & Millichap’s Seattle office, represented the buyer for the 2017 construction, Class-A asset. This sold for a price per unit record of $188,830.

575 Columbia Apartments is located at 575 Columbia Point Drive, Richland, WA. The property includes a mix of one- and two-bedroom units, some of which overlook the Columbia Point Golf Course. The Property also includes luxury amenities including quartz countertops, nine-foot ceilings, a fitness center and pool.

About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com