Tacoma-based Great West Property Management sold Wapato Creek Village in Fife for $12.85 million or $110,776 per unit to Goodman Real Estate. Ted Sipila of Kidder Mathews represented the seller in the deal that closed March 6th.
Public records show $29,000 was deducted in personal property, resulting in a taxable selling price of $12,821,000.
“Fife is a strong location and it’s a good ‘in-betweener’ spot,” said Sipila. “Some people work in Fife, but other people might work in Federal Way or Olympia so it’s a good in-betweener spot.”
Sipilia said what makes the area especially sought after are the vacancy rates. “Fife has had low historic vacancies in the strong rental market for a long time. That’s another thing that makes it desirable,” he said. Plus, with Seattle’s growing rental rates, Fife provides a cheaper alternative. “Since places are so expensive in Seattle, I think it’s just pushing people out of Seattle,” Sipilia said.
Built in 1980, the 2-story 116-unit Wapato Creek Village includes one and two-bedroom units ranging from 576 square feet to 864 square feet. The apartments feature additional storage for every unit, an exercise and recreation room, laundry facilities, a pool and ample parking. The property, located at 2335 58th Ave E., is also managed by Pinnacle, multifamily management company with offices across the United States.
Goodman sold two of their assets in the Seattle area just this week and in late February. The group sold Vive Apartments in Ballard for $24.15 million or $263,700 per unit. Goodman originally acquired the property in 2014 and built a 6-story, 91-unit building on the site in 2015. Just this week, Goodman sold the four-story, 60-unit Junction 160 apartments in Shoreline for $16 million or $226,667 per unit.
Earlier in February, Goodman sold its 50 percent interest in the Palm Valley apartment complex in San Jose, Calif. for $183 million. San Mateo-based Essex Property Trust, which had been a 50 percent owner, is now the sole owner of the 1,098-unit apartment complex.