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California Land Developer Buys Apartments

NORTH BEND, WA-An entity of Danville, CA-based Braddock & Logan Group pays $33.8 million for a 241-unit, townhouse-style property here completed four years ago.

By Brian K. Miller | Updated on March 28, 2005

NORTH BEND, WA-The 241-unit Rock Creek Ridge apartment complex here is under new ownership. An entity affiliated with Danville, CA-based Braddock & Logan Group, a land developer, acquired the property from Holland Partners for $33.8 million. The property is located in the I-90 corridor about 15 miles east of Issaquah and has views of Mount Si, one of the state’s most popular hiking attractions. The four-year-old development is comprised of two-, three- and four-bedroom townhouse units, most of which have an asking rent of between $0.90 and $1 per sf per month. All units have direct access garages. The site address is at 1525 Rock Creek Boulevard SW. The transaction was negotiated by Kenny Dudunakis of the Seattle office of Hendricks & Partners. He tells GlobeSt.com the $140,248-per-unit purchase price translates to a capitalization rate in the 5% range based on in-place numbers.Dudunakis brokered two other Seattle-area multifamily sales earlier in the month. The 108-unit Meadowdale in Lynwood sold for $6.92 million. The seller was Meadowdale Associates LLC of Seattle and the buyer was the Low Income Housing Institute of Washington. The other sale was Willow Court, a 205-unit property on Delridge Way in South Seattle that traded for $5.87 million. The seller was an entity of Fowler Flanagan. The buyer is a private trade buyer from San Francisco who was completing a 1031 exchange.

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