Suncrest Apartments, a 45-unit multifamily property at 1800 Evergreen Street in Walla Walla, Washington, has been sold in a $4.3 million transaction. The garden-style community sits on 1.72 acres and is composed primarily of two-bedroom apartments, positioning it as a value-add opportunity for its new ownership.
Kidder Mathews represented the seller in the sale. Vice President Max Frame, a member of the firm's Simon | Anderson Multifamily Team based in Seattle, acted on behalf of longtime owner Art Griff. The buyer in the transaction is Jason Zook. Kidder Mathews was the only brokerage firm involved in the deal.
The sale marks the first change of ownership for Suncrest Apartments in approximately 45 years, underscoring the property's long-term hold history. Frame noted that apartment assets held by the same owner for nearly half a century rarely reach the open market, highlighting the distinctive nature of this trade.
According to Frame, Suncrest Apartments offered investors an established apartment community with meaningful potential to execute a value-add strategy. The predominance of two-bedroom units provides a foundation for enhancements that could range from interior updates to broader community improvements, subject to the buyer's business plan. While specific renovation plans were not disclosed, the transaction was characterized as an opportunity to unlock additional value at the property over time.
Frame also commented that the size and profile of the deal reflect investment activity beyond Washington's major metropolitan centers. The Suncrest Apartments sale illustrates that private investors continue to target multifamily assets in smaller markets such as Walla Walla, where long-term ownership and limited recent trading can create rare entry points.
Kidder Mathews' role as sole brokerage on the assignment underscores the firm's presence in Washington's multifamily investment sales arena. By arranging the transfer of a long-held property with identified value-add potential, the firm facilitated a repositioning of ownership that could influence future capital deployment in the surrounding market.
Specific details regarding financing, renovation scope, and the new owner's operational plans were not disclosed. However, the combination of a multidecade hold period, a mid-sized unit count, and a value-add thesis positions Suncrest Apartments as a notable multifamily trade within Walla Walla's investment landscape.
