Home Finance San Diego-Based ColRich Buys Kent Apartment Complex for $66.1MM

San Diego-Based ColRich Buys Kent Apartment Complex for $66.1MM

ColRich, Skyview 3322, Kent, Benedict Canyon Equities, Vancouver, Larkspur Place, Silver Oak Apartments, Sedona at Bridgecreek
Courtesy of Skyview 3322

By Meghan Hall

San Diego-based ColRich has closed on a number of acquisitions in recent months, moving quickly to expand its Puget Sound portfolio. In its latest deal, which was finalized at the end of January, the firm acquired the Skyview 3322 apartments for $66.1 million, or about $344,270 per unit. Public records indicate that the seller of the asset was a limited liability company affiliated with Benedict Canyon Equities. 

The complex is located at 3322 South 222nd Street and features two-bedroom units around 1,120 square feet. In all, there are 192 apartments that are equipped with dual master suites, large kitchen pantries, updated finishes and extra storage. Community amenities include a dog park, outdoor pool, fitness center, barbecue area and playground. The complex was originally constructed in 1983.

Skyview 3322 is located just off of Interstate 5, near River Ridge Elementary SChool, The Point Condo, The Summit at Riverview and other single-family and multi-family developments. Highline College, as well as several shopping centers anchored by IKEA and 99 Ranch Market are also in the area.

ColRich has continued to acquire property in the region at a sound pace. Earlier in January, the firm acquired Larkspur Place, Sedona at Bridgecreek and the Silver Oak Apartments for a combined $136.8 million. Combined, the properties total 504 units and mark a significant transaction in growing Vancouver.

ColRich is a second-generation, family-owned real estate company, according to the firm’s LinkedIn. The firm’s portfolio includes a wide mix of single-family, townhomes, mid-rise condominium units and apartments, and over the course of its history has acquired 14,000 units throughout the Western United States.