By Kate Snyder
An apartment complex in Kent traded hands recently, showing that investors are still interested in the city, which has seen a steady stream of transactions throughout the past year. The property, Highland Green Apartments, was purchased for $23.5 million, or approximately $244,791 per unit, by an entity affiliated with Red Tail Acquisitions, according to King County public records. The seller was Highland Green, LLC, based in Longmont, Colo.
Dylan Simon, Brandon Lawler and Jerrid Anderson of the Simon and Anderson team, a multifamily investment team based in Kidder Mathews’ Seattle headquarters, represented the seller, a private family that owned the property for more than 20 years. Kidder Mathews sourced the buyer and was the only broker involved in the transaction.
“We want to thank seller and buyer for an extremely smooth transaction,” Lawler said. “Having a very experienced and capable buyer was vital for this transaction to close inside of 60 days given current volatile market conditions. We were excited to play a role in this sale.”
The property is located at 10105 SE 236th St. and features one-, two- and three-bedroom apartments in various sizes and styles, according to the property’s website. Built in 1991, the three-story, 96-unit building offers amenities such as wood-burning fireplaces, bay windows, private patios or balconies with extra storage and full-size washers and dryers. Exterior features include a community clubhouse and a fitness center. Nearby attractions include Kent Station, Southcenter and The Outlet Collection as well as a variety of restaurants.
Based in Irvine, Calif., RTA primarily focuses on industrial and retail properties, according to the firm’s website. The company has purchased assets between $1 million and $100 million located in primary and secondary markets in the west, southwest, Midwest and southeast. The firm’s residential affiliate, Red Tail Residential, manages more than 70 properties in 20 states, including Washington, Oregon and California as well as portions of the Midwest and southeast.
Kent has seen several recent multifamily transactions. In one deal earlier this year, San Diego-based real estate investment and development company ColaaRich acquired the 177-unit CityZen Commons for $51.9 million, or about $293,220 per unit, according to The Registry’s previous reporting. The seller in that transaction was The Jacobson Company, a real estate investment company based in Los Angeles.
Also earlier this year, Kent’s Central Flats apartment complex sold for $149 million, or about $259,130 per unit, to an entity affiliated with Bridge Investment Group. The seller was Colorado-based Grand Peaks Properties. The community is located at 1024 Central Ave. N.