(To read more on the multifamily market, click here.)
KENT, WA-Equity Residential Properties Trust has sold the Highland Creste Apartments here for $18 million. The publicly traded apartment REIT out of Chicago owned the 198-unit property for about eight years and carried it on its books at $10.4 million.
The 18-building complex sits on 8.72 acres at 109823 SE 240th Pl. Units average 910 sf and the going rental rate is $0.97 per sf per month for one-bedroom units and about $0.84 center per sf for two-bedroom units.
Unit amenities include a dishwasher, fireplace, and washer and dryer. Common amenities include a fitness center, swimming pool and hot tub.
The complex is 96% occupied and has been for the past year. Based on the complex's 2005 performance, the capitalization rate for the new owner is about 5.25%.
Kenny Dudunakis of the Seattle office of Hendricks & Partners negotiated the transaction.
Equity Residential continues to own more than three dozen apartment communities in the Puget Sound area.
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