Home Finance Knol Apartments in Kent, Washington, Trades for $44.5MM

Knol Apartments in Kent, Washington, Trades for $44.5MM

Seattle, Kidder Mathews, Knol Apartments, La Mirage Apartments, Goodman Real Estate, Forum Real Estate

(EDITOR’S NOTE: According to public records filed with King County, the seller of the property was Seattle-based Goodman Real Estate. The buyer was an entity associated with Forum Real Estate from Glendale, Colorado.

Goodman had owned the asset since July of 2018 when the company paid $32,000,000 for the property. )

Seattle, Wash. (August 27, 2020) – Dylan Simon, Jerrid Anderson, and Matt Laird of Kidder Mathews closed the sale of Knol Apartments in Kent, Washington, on Thursday, August 27, 2020. The property sold for $44.5 million, equating to $207,000 per unit and $302 per net rentable square foot.

Formerly known as La Mirage Apartments, the property last sold in July 2018. Simon, Anderson, and Laird were the sales brokers in the previous transaction as well; yet, two years made a considerable difference for both the property and the sales process.

Since 2018, the owners completely transformed the property, modernizing the clubhouse, leasing office, outdoor spaces, and building interiors and exteriors. The contemporary finishes and extensive resident amenities compare to newly constructed apartments in this thriving South King County market.

Despite demand among multifamily investors, listing the asset for sale in mid-March 2020 brought new challenges for the sales team in the face of global economic uncertainty and restrictions to in-person tours.

“There was never a question that Knol Apartments would be a fantastic keystone asset for a Pacific Northwest apartment portfolio, yet we had to pivot quickly with such an abrupt change to normal sales processes.” Simon explains. “Combining innovative sales practices with a close eye on safety and compliance, the sales process for Knol proved a success for both buyer and seller.”

About the Dylan Simon and Jerrid Anderson apartment brokerage team

The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents investors in the sale, purchase, and financing of apartment buildings and development land in the greater Seattle area.

About Kidder Mathews

Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9.6 billion in transactions, manages over 70 million square feet of space, and conducts over 1,680 appraisals annually.