RICHLAND, WA – Summerfield Commercial is pleased to announce the sale of Washington Square 2 Apartments, an 88-unit community located in Benton County. Kei Apartment Fund 9 LLC purchased the property, which is located at 2433 George Washington Way, Richland, WA 99354. The Seller was Washington Square II LP. Summerfield represented both the Buyer and Seller in this transaction and the brokers involved were Robert Parmar and Ryan Kidwell.
The property sold for $11,960,000 at a 5.63% cap rate. This translates to $135,909 per unit and $134 per square foot. The deal closed on August 19th, 2019.
Originally built in 1994, Washington Square 2 Apartments consists of 16 one bedroom, 56 two bedroom, and 8 three bedroom flats, plus 8 three bedroom townhome units with an impressively large average unit size of 1,018 square feet. All units include a full kitchen appliance package, washer and dryer, wood burning fireplace, 9-foot or vaulted ceilings, and a private patio. Common amenities include a clubhouse, outdoor swimming pool and hot tub, fitness center, yoga studio, play area, and tanning beds.
Summerfield Commercial specializes in the brokerage of larger multifamily assets throughout the Pacific Northwest.