Summerfield Commercial is pleased to announce the successful closing of the Quail Springs Apartments, a 118-unit garden style community in West Richland, Washington. The property sold for $14,200,000 which represents a 6.2% cap rate on in-place income. The deal closed on January 31st, 2018.
The sale price equates to $120,339 per door, which is a record high for apartment sales in the Tri-Cities market.
Built in 2011, Quail Springs offers one, two, and three bedroom flats and three bedroom townhouse units. The complex includes a clubhouse, pool, hot tub, fitness center, business center, and playground. The average unit size is about 1,097 square feet.