Home Finance ColRich Pays $52MM for 177-Unit CityZen Commons in Kent

ColRich Pays $52MM for 177-Unit CityZen Commons in Kent

Kent, ColRich, The Jacobson Company, Irwin Park, Seattle, Tacoma, CityZen Commons

By Catherine Sweeney

The King County multifamily market is continuing to see increased sales activity, as residential assets are being bought up throughout the Puget Sound region. In a deal that closed on June 1, San Diego-based real estate investment and development company ColaaRich acquired the 177-unit CityZen Commons in Kent for $51.9 million, or about $293,220 per unit. King County public records show the seller in the transaction was The Jacobson Company, a real estate investment company based in Los Angeles. 

The two-story apartment building is located at 10925 SE 259th Street in Kent’s Irwin Park neighborhood. According to the property’s website, the building offers a mix of one- and two-bedroom apartment options, ranging in size from 674 to 855 square feet. Apartments.com also shows the units range in price from $1,670 per month to $2,015 per month.

The property also offers a number of onsite tenant amenities, including a dog park, fitness center, outdoor pool, 24-hour maintenance, in-unit laundry and various  upgraded appliances and finishes throughout. 

“These thoughtfully designed floor plans boast all the features you need for comfortable living. Come home to a bright, open interior with spacious closets, in-home laundry appliances and a fully equipped kitchen. Updated features include beautiful hardwood-style floors, new countertops in the kitchen and bathrooms, and shaker-style cabinetry with chrome hardware,” the property’s website states. 

Additionally, the property is situated in southeast Kent, placing it within close proximity to various retail amenities, including the Kent Station shopping mall just a short drive away. The property is also a short commute to many nearby cities, like Seattle and Tacoma, via nearby Interstate 5 and State Road 167. 

The apartment complex is not the only multifamily property owned by ColRich in the immediate area. The company owns several properties throughout the Pacific Northwest, including the Skyview 3322 apartments, which are also located in Kent at 3322 South 222nd Place. The company purchased the 192-unit property in February for about $66.1 million, or $344,270 per unit. 

Prior to the acquisition in January, the company also purchased three multifamily assets in Vancouver, Wash. for a combined $136.8 million. Together, the properties – which are located at 2220 NE Bridgecreek Avenue, 7609 NE Vancouver Mall Drive and 8701 NE 54th Street – make up 504 units.  

In total, the company owns more than 17,000 residential units across West Coast markets in Washington, California, Oregon, Nevada, New Mexico, Arizona, Colorado, Utah and Texas.