Project Description

Richland, Washington

Summerfield Commercial is pleased to announce the successful sale of Creekside Apartments, a residential community located in Richland, Washington. Creekside offers 88 units and sold for $6,300,000. The property was originally built in 1978 and consists of 27 studios and 60 one bedrooms flats, plus 1 two bedroom townhome with a combined average unit size of approximately 580 square feet. Rich with amenities, residents of Creekside have access to a community clubhouse, game room, TV lounge, outdoor swimming pool, indoor hot tub & sauna, fitness center, and a relaxing courtyard with a BBQ grilling area. Residential units have an open floorplan, double wall construction for maximum sound control, heating & air conditioning, and either a balcony or patio.

This transaction was part of a larger portfolio sale with the Twin Dolphins Apartments. The properties are located adjacent to one another and combine for 127 residential units. The properties sold for a combined value of $8,700,000 at a 7.0% cap rate. This translates to $68,504 per unit and $112 per square foot. The deals closed on August 27th, 2019.

Twin Dolphins sold for $2,400,000 and offers 39 total units comprised of 3 studio, 24 one bedroom, and 12 two bedroom units with an average size of 685 square feet. Common amenities at the community include a heated swimming pool, courtyard, and on-site laundry facilities. Residential units include heating & air conditioning, private balcony or patio, ceiling fans, and select units feature a fireplace. Twin Dolphins was constructed in 1962.

Transaction Details

CLOSING PRICE

$6,300,000

CAP RATE

7.0%

BUYER

Private Investor

SELLER

Private Investor

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