EDITOR’S NOTE: According to public documents, the Bellevue-based entity that purchased the asset is associated with Armand Tiberio, Chris Gurdjian, Jeff Miller and Spencer Hurst. The selling entity is affiliated with Wenatchee-based Sage Homes.)
EAST WENATCHEE, WA – Summerfield Commercial is pleased to announce the sale of Maryhill Apartments, a 96-unit community located in Douglas County. 11 Capital LLC purchased the property, located at 2272 South Nevada Court, East Wenatchee, WA 98802. The seller and original builder was Maryhill Plaza Apartments LLC. Ryan Kidwell and Robert Parmar of Summerfield Commercial brokered the transaction.
The property was purchased during the initial lease-up phase and was only about 50% occupied at the time of closing. The asset sold for $20,500,000 at a projected post-stabilization cap rate of 5.8%. This translates to $213,542 per unit, a new record for the Wenatchee Market. The property closed on March 22nd, 2021.
Maryhill Apartments completed construction earlier this year and consists of 72 two-bedroom and 24 three-bedroom homes with an impressive average unit size of 1,128 square feet. The units feature a modern open floorplan design, elegant finishes, in unit washer/dryer, and a private patio/balcony. Select units feature spectacular mountain views. Common area amenities include a clubhouse, swimming pool, BBQ area, sports court, and 182 parking stalls.
Summerfield Commercial specializes in the brokerage of larger multifamily assets throughout the Pacific Northwest.