Northmarq’s Seattle Multifamily Investment Sales team, led by Tyler Smith, Joe Kinkopf, and Steve Fischer, successfully executed the $19.94 million sale of Richland Court, an 88-unit garden apartment property located at 2433 George Washington Way in Richland, Washington.
The team represented the seller, KEI Apartment Fund 9, LLC, while the buyer was BLV-Richland Court LLC. Richland Court is situated roughly three hours from downtown Seattle.
“The recent buyer acquired this meticulously maintained asset as part of a multi-part 1031 exchange,” said Smith. “This closing represents a significant milestone in the market, serving as a strong indicator of its resilience in a post interest rate hike environment.”
Built in 1994, Richland Court offers a mix of one-, two-, and three-bedroom units and includes 142 parking spaces comprising garage, carport, and surface spots. The apartment amenities feature full-sized washers and dryers, air conditioning, balconies, fireplaces, microwaves, ovens, vaulted ceilings, and ADA-accessible rooms.
This transaction highlights ongoing activity and investor interest in strategically located properties amidst changing market conditions.
About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax (www.griffintax.com) and REVVED Up Accounting (www.revvedupaccounting.com). In addition, Steve founded Madison Avenue Technology (www.madisonave.tech). With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.
