Holly Creek Apartments, in nearby Des Moines, has sold for $820,000. The apartment building is located at 1919 South Kent-Des Moines Road. The seller was Greg Thomas and the buyer was Rhino Properties, LLC. Both Parties were represented by George Miller in the Bellevue office of Marcus & Millichap.
Meanwhile, an eight-unit apartment complex located at 901 North 36th St. has sold for $805,000. The seller was James Londo and the buyer was Benjamin Hankins. Both parties were represented by Steve Steadele and Dan Swanson in the Bellevue office of Marcus & Millichap.
Hankins also bought another nearby nine-unit apartment complex located at 906 North 35th St. from the Londo. The purchase price for this property was $910,000. Both parties again were represented by Steadele and Swanson in the Bellevue office of Marcus & Millichap.
The deals come on the heels of a CB Richard Ellis report, which suggests rental rates are down, but still desirable.
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