260-Unit Mission Ridge Commands $19M

RENTON, WA-The 260-unit Mission Ridge apartment property here has been sold for $19.1 million, about $2.9 million under the asking price. Waterton Associates of Chicago sold the garden-style complex to a 1031 Exchange accommodator associated with Prometheus Real Estate Group of Redwood City, CA. David Young of the Seattle office of Hendricks & Partners had the disposition assignment.

Developed in 1998, the property consists of 26 two- and three-story wood-frame buildings on 15 acres at the corner of 118th Southeast and Southeast Petrovitsky Road. Site amenities include indoor and outdoor swimming pools, spa and sauna, and a playground. About 42% of the units have one-bedroom and one-bath. The average unit size is 880 sf and the average asking rent is $1 per sf per month. There are eight other comparable apartment properties nearby, four older than Mission Ridge and four newer.