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Whispering Hills Trades for $7.7M

FEDERAL WAY, WA-The 111-unit multifamily complex, located at 2120 SW 352nd St. is snatched up by Whispering Hills/Bird LLC of Eugene, Ore. The seller was the Seattle-based Whispering Hills Associates LLC.

By Gina Binole | Updated on October 29, 2002

FEDERAL WAY, WA-A stalled economy and one of the highest vacancy rates in years has yet to completely deter area investors, as evidenced by the recent sale of Whispering Hills apartments.

The 11-unit apartment community, which sits at 2120 SW 352nd St., has sold for $7.7 million. The seller was Whispering Hills Associates LLC, a Washington limited liability company of Seattle. The buyer was Whispering Hills/Bird LLC of Eugene, Ore. The transaction was negotiated by Kenny Dudunakis of the Seattle office of Hendricks & Partners.

According to a recent report prepared by Hendricks & Partners, net move-outs outpaced net move-ins, resulting in negative absorption of 87 units, the second quarter outperformed the negative absorption of 206 from a year earlier. New online units for the second quarter totaled 702, topping the 570 units reported from the second quarter of last year. The report says more than 1,160 units are expected to be finished in the second half of this year, concentrated mainly in the submarkets of Downtown (316), Lynnwood/Edmonds (274) and Bellevue/Issaquah (247).

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