Portland, Oregon — November 27, 2017 — CBRE Capital Markets has arranged the sale of the Hawaiian Village apartments, a 192-unit community located in Kennewick, Washington, one of the most desirable areas in the Tri-Cities region. Phil Oester, Joe Nydahl and Josh McDonaldof CBRE’s Pacific Northwest Multifamily team represented Tilden Hawaiian Village, LLC, in their sale of the property to Cumberland Holdings.
Cumberland Holdings is based in Rolling Hills, CA with offices in San Francisco, CA and Bend, OR. This acquisition marks the twelfth value-add investment for Cumberland Holdings in the Pacific Northwest.
“Hawaiian Village provides a real opportunity to invest in a great workforce housing community in a growing Northwest market,” said Phil Oester, Senior Vice President with CBRE Capital Markets.
Built in 1980, Hawaiian Village hosts a number of resident amenities designed to improve the quality of life for tenants, including a fitness center, swimming pool, rec room and sports court. Additionally, most units have outdoor decks, and all feature additional storage and large kitchens. The property is currently in the middle of an upgrade to the windows and sliders, which will create additional energy efficiencies with double-paned glass in vinyl frames.
“The Tri-Cities area has been leading the state in job growth, with a lower cost of doing business and a strong STEM community,” said Oester. “The fact that this property has averaged 98% occupancy over the last 12 months show that there is a strong demand for multifamily housing in the Tri-Cities.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.