Project Description

Centralia, Washington

Summerfield Commercial is pleased to announce the sale of Park Center Apartments, an 84-unit community located in Lewis County. Park Center Centralia LLC purchased the property, which is located at 3007 Borst Ave, Centralia, WA 98531. The Seller was the original developer of the project, Park Center Apartments LLC and Park Center Apartments II LLC. Ryan Kidwell and Robert Parmar of Summerfield Commercial brokered the transactions.

The property sold for $12,985,000 at a 5.5% cap rate. This translates to $154,583 per unit, a record high for Lewis County. The deal closed on September 14th, 2020.

Originally built in 2000, Park Center is a garden style community consisting of 28 one bedroom and 56 two bedroom apartment homes with an impressive large unit size of 934 square feet. The units follow on open floor plan concept, in unit washer and dryer, walk-in closets in select units, and a private patio/balcony with attached storage locker. The common amenities include a clubhouse, outdoor swimming pool, hot tub, a fitness center, and covered parking.

Summerfield Commercial specializes in the brokerage of larger multifamily assets throughout the Pacific Northwest.

Transaction Details

CLOSING PRICE

$12,985,000

CAP RATE

5.5%

BUYER

Park Center Centralia LLC

SELLER

Park Center Apartments LLC

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