Project Description

Richland, Washington

Summerfield Commercial is pleased to announce the successful closing of Washington Square 2 Apartments, an 88-unit community located in Richland, WA. The property sold for $11,960,000 at a 5.65% cap rate. This translates to $135,909 per unit and $134 per square foot. The deal closed on August 19th, 2019.

Originally built in 1994, Washington Square 2 Apartments consists of 16 one bedroom, 56 two bedroom, and 8 three bedroom flats, plus 8 three bedroom townhome units with an impressively large average unit size of 1,018 square feet. All units include a full kitchen appliance package, washer and dryer, wood burning fireplace, 9-foot or vaulted ceilings, and a private patio. Common amenities include a clubhouse, outdoor swimming pool and hot tub, fitness center, yoga studio, play area, and tanning beds.

Transaction Details

CLOSING PRICE

$11,960,000

CAP RATE

5.65%

BUYER

Private Investor

SELLER

Private Investor

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