Seattle, WA (July 31, 2018) – Dylan Simon and Jerrid Anderson of Colliers’ Seattle Multifamily Team closed the sale of Timber Heights Apartments in Kent, Washington, on Monday, July 30, 2018. The property sold for $6,087,500, equating to $179,044 per unit and approximately $228 per net rentable square foot.
Timber Heights Apartments is a 34-unit, garden-court style property comprising three residential buildings and outdoor amenity space. Located just west of Kent’s burgeoning downtown, the property—built in 1966—has undergone recent renovations to upgrade units and accommodate new residents in this growing suburb.
“Seattle’s south-end submarkets continue to see remarkable rent growth and present excellent opportunities for investors as this market cycle continues to mature,” stated Simon. The sale of Timber Heights was the Seattle Multifamily Team’s second apartment sale in Kent this month, following the 216-unit La Mirage Apartments in early July.
Dylan Simon, Executive Vice President, and Jerrid Anderson, Vice President, of Colliers International’s Seattle office represented the seller, the Stratford Company. The sale was conducted off market, ahead of planned marketing of the property—further demonstrating demand for apartment investment opportunities in the Puget Sound Region.
About Colliers International Group
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates).
Colliers’ Seattle Multifamily Team is based in downtown Seattle and comprises seven highly-qualified real estate professionals specializing in brokerage of apartment investments and developments in the Seattle and Puget Sound region. The team focuses on representing buyers and sellers of apartment buildings and development sites from 5 units to 500 units. The sale of Timber Heights was the team’s 21st transaction in the last 12 months, representing over $227 million in sales volume.