GSL Americana Investors LLC acquired the 128-unit Americana apartment complex for $2,099,400, or about $100,000 less than the county's market value estimate of the 4.5-acre property. GSL Sunset Investors acquired the 120-unit Sunset apartment complex for $1,973,500. The county's estimated market value of the three-acre property is $2,135,600.
The average apartment size in the complexes is between 500 sf and 600 sf. The average per sf rent at the facilities is between $0.67 and $0.70. The average occupancy is 95%.
Portland, Ore-based apartment specialist John Kennedy, who listed the property and brokered both sides of the deal, says the Tri-Cities area tends to run counter-cyclical to Seattle and Portland. "Right now they are ailing with job losses and low occupancies and the Tri-Cities area maintains good economic fundamentals," he tells GlobeSt.com. "That is a compelling reason to go outside of a primary market."
Kennedy, who four months ago left the Portland, Ore. office of Hendricks & Partners to open his own firm, Pacific Apartment Investors, says the clients that purchased these assets are regular apartment investors who own many units in the Northwest. Protecting their interests, he declined to identify the individuals involved in the LLC.
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