By Jack Stubbs
On Tuesday, February 12th, the Kentwood Apartments in Kent, Washington—roughly twenty miles south of Seattle—sold for $14.1 million, or approximately $148,421 per unit, King County records show. The buyer, Benson Road Investors LLC, shares the same address as Santa Monica, California-based MJW Investments, a real estate company that specializes in the acquisition, development and management of value-add and student housing projects throughout the Western U.S. The seller is listed as Kentwood/Kent LLC, an entity affiliated with John Stephanus LLC based in Seattle.
The three-story, Kentwood Apartments, located at 22415 Benson Road SE, was built in 1955 and contains 95 units, according to the property’s web site. Kentwood offers a mix of one-, two- and three-bedroom units that range from 688 to 929 square feet. According to the property listing on apartments.com, rents at Kentwood for the two-bedroom units range from $1,213 to $4,012.
According to the property’s web site, some of the in-unit amenities include in-unit washer/dryer, wood-burning fireplaces, private balconies and private storage in select units. Residents of Kentwood Apartments also have access to on-site laundry centers and property management services, outdoor courtyards and east access to various public transportation options.
The property’s location near downtown Kent is one of its main assets, with various dining and recreational opportunities located in close proximity. “Located in Kent, this charming apartment complex is near nightlife, restaurants and parks…Thai Basil and Paolo’s Italian Restaurant make up a wide variety of local food options. Close by is Clark Lake Park and Soos Creek Park, which are both ideal for hiking and experiencing nature,” the web site states. “Kentwood is surrounded by an assortment of things to do and see. Kentwood represents comfortable living in a relaxed atmosphere.”
The property is roughly three miles northeast of downtown Kent and eleven miles southeast of Sea-Tac Airport, and is also close to Washington State Route 167.
MJW Investment’s focus is to improve the lifestyle and economy of the community, to bring a higher quality of life to residents, and to build prosperity and security for investors and partners, according to the company’s web site. The company is the majority owner of a $700 million diversified real estate portfolio and has a transaction history in excess of $1 billion. Additionally,
MJW is actively expanding its student housing portfolio across the U.S. and is also seeking value-add multifamily properties throughout the Western U.S. MJW owns a number of multifamily properties in Los Angeles and Oregon.