Portland (March 20, 2018) – CBRE is pleased to announce the sale of the Badger Mountain Ranch, garden-style apartment community in Richland, WA to Starboard Realty Advisors of Irvine, California, LLC for an undisclosed price. Phil Oester, Eli Hanacek, Joe Nydahl and Josh McDonald of CBRE’s Northwest Multifamily Institutional Investment team negotiated the sale on behalf of the seller, Badger Mountain Apartments I, LLC.
Built in 2013, Badger Mountain Ranch is in the desirable city of Richland, Washington, the second largest of the three cities that form the area known as the Tri-Cities. The Property contains an ideal unit mix of one, two and three-bedroom units and offers an incredible match for the expanding Tri-Cities tenant base that is seeking on-demand convenience, modern floorplans, and amenities that embrace and encourage socialization. The Property features nine-foot ceilings, outdoor decks and patios overlooking an engaging landscape, sleek, modern kitchens and large open floorplans.
Badger Mountain Ranch is a new low-density community that really fits well into the largely single-family home neighborhood in Richland. The community sits next to a new grade school and park in one of the most upscale neighborhoods in the Tri-Cities. The median family income within a mile radius of the property is $132,000. The property has averaged 98% occupancy over the last 12 months.
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CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 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 atwww.cbre.com.