Project Description

Renton, Washington

Summerfield Commercial is pleased to announce the sale of Avaya at Town Center Apartments, a 52-unit community located in King County. Corellia Renton LLC purchased the property, located at 10436 SE Carr Road, Renton, WA 98055. The seller was Avaya at Town Center 52 LLC. Ryan Kidwell and Robert Parmar of Summerfield Commercial brokered the transaction.

The property sold for $13,000,000 which equates to a 4.8% cap rate using in place income at the time of closing. This translates to $250,000 per unit or $238 per square foot. The deal closed on June 9th, 2021.

Originally built in 2012, Avaya at Town Center is a 52-unit mid-rise community offering one, two, and three bedroom flats, and two bedroom townhouse units. The average unit size at the property is well above the market average at 1,050 square feet. Each unit features high ceilings, a full compliment of energy efficient and stainless steel appliances, vinyl plank flooring, and a private balcony or patio. Common area amenities include a barbeque grill with a picnic area and playground and leasing center. The community also offers carport and garage parking, plus sits along a greenbelt creating a tranquil living environment.

Transaction Details

CLOSING PRICE

$13,000,000

CAP RATE

4.8%

BUYER

Corellia Renton LLC

SELLER

Avaya at Town Center 52 LLC

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