Roseville, November 1, 2016 — Gallelli Real Estate announced Wednesday, October 26th, that it has closed the $41.3 million sale of two garden style apartment complexes totaling 428 units located in the Tri-Cities area of southeastern Washington. Crosspointe Apartments is a 200 unit complex located in Kennewick Washington and Riverpointe Apartments is a 228 unit complex located in Richland, Washington.
The sale of these apartments was the largest multifamily transaction in the Tri-Cities area this year and also the largest multifamily deal outside of the Seattle area. The three counties that make up the Tri-Cities region showed a tight market with vacancy in Benton County at 2.1%, Pasco County at 3.5% and Franklin County at 0.8%, as of Spring 2016.
The 1996 built properties are attractive garden style properties that offered a full range of both community and unit amenities. Both properties had low interest HUD 223 loans in place that were assumed by the buyer which provided low debt service that helped to achieve low double digit cash on cash returns.
Gary Gallelli and Rod Ballinger of Gallelli Real Estate represented the seller, a private investment group out of Colorado. The apartment portfolio was purchased by Security Properties located in Seattle, Washington.
About Gallelli Real Estate
Gallelli Real Estate is a boutique firm that specializes in commercial estate services and property management. We believe that as a boutique firm whose understanding of the business runs as deep as our core values, our advantage is large. We take pride in our unique approach to offer more individual solutions that address the ever changing needs of our clients and the industry. After all, our success is measured by the success of our clients and the strength and longevity of our relationships. For the latest news from Gallelli Real Estate, visit GallelliRE.com, or follow us on Twitter: @Gallelli_RE and LinkedIn.