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Lakefront Apartment Community Sells for $23M

KENT, WA-Weidner Investments pays Phoenix Life Insurance Company $90,600 per unit for Island Park Apartments, a 15-year-old multifamily community oriented around a lake.

By Brian K. Miller | Updated on September 29, 2003

KENT, WA-Island Park Apartments, a 254-unit, 15-year-old multifamily community oriented around a lake in Kent has sold for $23 million or $90,600 per unit. The property was 90% occupied at the time of sale.

The seller was Phoenix Life Insurance Co., which paid about $15 million for the property about 10 years ago. The buyer was Washington-based Weidner Investments, which owns about 2,000 units in the Puget Sound region.

Geza Berger and Dennis Evans of GVA Kidder Mathews represented the Weidner. Tim Campbell and Pat Nangle of Pinnacle Realty Management Co. represented Phoenix.

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