By Meghan Hall
Another apartment complex has traded hands, adding to an already busy start to the year. In a deal that closed on February 10th, the Central Flats apartment complex in Kent, Wash., sold for $149 million, or about $259,130 per unit. The buyer, according to public records, was an entity affiliated with Bridge Investment Group. The seller was Colorado-based Grand Peaks Properties.
The community is located at 1024 Central Ave. N. and features newly-remodeled, one- two- and three-bedroom homes, according to its website. In all, there are 575 units that are equipped with quartz countertops, stainless steel appliances, faux-wood flooring and wood burning fireplaces. Apartments range in size from 500 square feet to more than 1,000 square feet, with rents beginning at just under $1,500 per month.
Residents also have access to a number of community amenities, including a community clubhouse with coffee bar, resident lounge, playground, and outdoor swimming pool. The complex also has a fitness center and a business center with computers and printers on-site.
The community is in a more residential part of town, not far from State Route 167. The Chandlers Bay Apartments and Alderbrook Apartments are adjacent to the property. Kent Station, a shopping center anchored by AMC and the U.S. Social Security Administration, is also nearby.
Bridge Investment Group is just one of many major investors to buy into the Puget Sound market. As of Septembre of 2021, the company had $31.8 billion assets under management, and 41,000 multifamily and 11,200 seniors housing units within its portfolio. Bridge Investment Group also owns or operates 14 million square feet of office space.