(EDITOR’S NOTE: The property sold for $17,750,000 and it sold to a single private investor – an individual, according to sources familiar with the transaction.)
RICHLAND, WA, December 17, 2018 – CBRE has facilitated the sale of 575 Columbia, a 94-unit, 77,700 sq. ft., multifamily property located in Richland, WA.
Phil Oester, Joe Nydahl and Josh McDonald of CBRE’s Portland office represented the seller, Evergreen Housing Development Group.
“The Tri-Cities multifamily market is very strong with current occupancy at 97 percent city wide. In addition, year over year rent growth is a robust 8.9 percent,” said Phil Oester, CBRE’s Senior Vice President of Multifamily Capital Markets for the Pacific Northwest.
Built in 2017, 575 Columbia is a retreat-style apartment community, overlooking Columbia Pointe golf course, in a prime location along the Columbia River in Richland, Washington. The property consists of 58 one-bedroom units and 36 two-bedroom units, with a range of amenities including: a resident pool and lounge, and fitness center. Walkable amenities include numerous name restaurants, the River Front Trail, marina and parks. The units are exceptionally accommodating with large floorplans, nine-foot ceilings, quartz countertops and ample storage.
575 Columbia is situated in the bustling Tri-Cities region, strategically located at the confluence of three rivers in Eastern Washington. The Tri-Cities continues to be one of the fastest growing metro areas in the state and acts as a hub for the region’s educational, health and retail needs.
About CBRE Group, Inc.
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 at www.cbre.com.