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Small Apartment Sales Continue as Federal Way’s Providence Landing Complex Sells for $11MM

By Meghan Hall

A number of small-scale apartment deals have closed throughout the Puget Sound in recent weeks, with another transaction in Federal Way, Wash., adding to the list. In a transaction that closed at the end of August, the Providence Landing apartment complex sold for $11 million or about $216,000 per unit. According to public property documents, the seller was KEI Apartment Fund 5, affiliated with San Diego-based Kaz Enterprises. The buyer was Burien, Wash.-based Providence Landing LLC, affiliated with local landlord and property owner Karyn Kuever.

Built in 1989, the property is located at 31220 28th Ave. S. The complex is comprised of 51 units, which are between two to three bedrooms each. According to Apartments.com, the units range in size between about 1,000 to nearly 1,300 square feet, and rents begin around $1,500 per month. Units feature hard surface flooring, in-unit washers and dryers, vaulted ceilings and wood burning fireplaces. Courtyards, balconies, a pet station and walking trails are several of the complex’s amenities.

The property is well-located, just off of Interstate 5 and within a few minutes’ drive of the Gateway Center and Celebration Centers. Together, the two retail centers feature numerous shops and restaurants such as Chick-Fil-A, Planet Fitness, Red Lobster, T.J. Maxx and more. Steel Lake Park and Lake Dolloff are also located nearby.

Several other apartment sales have closed at the end of August. Recently, two-property portfolio in Lake Stevens traded for $12.75 million. The Knol Apartments in Kent, Wash., was purchased by Forum Real Estate from Goodman Real Estate for$44.5 million. Equity Residential also closed on a purchase of its own, buying the Notch Apartments in Newcastle, Wash., outside of Bellevue for a healthy $48.9 million. The transactions have proven that there is movement in the market, especially for multifamily, despite conditions caused by COVID-19.