Summerfield Commercial is pleased to announce the sale of Rylee Ann Apartments, a 105-unit community located in Douglas County. Two entities – Richland Spoerl Apartments LLC and Richland Armstrong Apartments LLC – purchased the property, which is located at 339 9th Street NE, East Wenatchee, WA 98802. This asset was the buyer’s upleg in a 1031 exchange. The Seller was the original developer and builder of the project, Rylee Ann LLC. Ryan Kidwell and Robert Parmar of Summerfield Commercial brokered the transaction.
The property sold for $20,900,000 at a 5.4% cap rate. This translates to $199,048 per unit and $173 per square foot.
Originally built in two phases, 2015 & 2016, Rylee Ann is a garden style community consisting of 93 two bedroom and 12 three bedroom apartment homes with an impressive average unit size of 1,153 square feet. The units follow a modern, open floor plan concept with stainless steel appliances, granite counter tops, a private patio/balcony with attached 6×6 storage unit, and in-unit washer/dryer. Common area amenities include a clubhouse with resident lounge and ping pong table, swimming pool, fitness center, outdoor BBQ area, a fenced basketball court, and gated dog park. Rylee Ann also features an onsite maintenance shop, additional storage lockers for rent (14 large and 11 medium sized), 106 carports, and 132 total uncovered parking stalls.