Washington

EAST WENATCHEE, WASH. — Summerfield Commercial has facilitated the sale of Rylee Ann Apartments, a multifamily asset located at 339 Ninth St. NE in East Wenatchee. Two entities — Richland Spoerl Apartments LLC and Richland Armstrong Apartments LLC — acquired the community from Rylee Ann LLC for $20.9 million, or $199,048 per unit. Originally built in two phases in 2015 and 2016, the garden-style community features 93 two-bedroom units and 12 three-bedroom units, with an average unit size of 1,153 square feet. Apartments offer an open floor plan with stainless steel appliances, granite countertops, private patio or balcony with storage, and in-unit washers/dryers. Common amenities include a clubhouse with resident lounge and ping-pong table, swimming pool, fitness center, outdoor barbecue area, a fenced basketball court and gated dog park. Additionally, the property features an on-site maintenance shop, additional for-rent storage lockers, 106 carports and 132 uncovered parking stalls. Ryan Kidwell and Robert Parmar of Summerfield Commercial brokered the deal.

TUKWILA, WASH. — Cederlind Real Estate has completed the sale of El Matador Apartments, a multifamily property located at 14828 Military Road South in Tukwila. James Lee of Lee El Matador LLC, a local private investor, purchased the apartment community for $7.4 million. Situated four blocks from the Tukwila Link Light Rail station, El Matador Apartments features 44 for-rent residential units and a swimming pool. Additionally, the property is located in close proximity to interstates 5 and 405 and Sac-Tac International Airport. Joe Levin of Colliers International represented the seller, while Ted Sipila of Kidder Mathews represented the buyer in the deal.

KIRKLAND, WASH. — Canada-based Rise Properties Trust has acquired Salix Juanita Village, a mixed-use property located at 9740 NE 119th Way in Kirkland. An undisclosed seller sold the asset for $101.5 million. Rise plans to reposition the 211-unit property, which features 20,891 square feet of retail space. Including Salix Juanita Village, Rise has acquired nine properties with a total capitalization of $588 million this year. The company owns approximately 4,150 units across 23 multifamily properties in the Pacific Northwest. Seattle-based Thrive Communities will manage the property. JLL negotiated the transaction.

SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Willowcrest, an apartment property in West Seattle. Investco sold the property to Raymond Capital Advisors for $18.8 million, or $251,000 per unit. Built in 1988 on two acres, Willowcrest features 75 units in a mix of one- and two-bedroom apartments averaging approximately 780 square feet. All units have a wood-burning fireplace, full-size washer and dryer, and private patio or balcony. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA represented the seller and procured the buyer in deal.

KENT AND EVERETT, WASH. — Rise Properties Trust and Aegon Real Assets have purchased two multifamily assets located in metro Seattle totaling $161.3 million. The joint venture acquired the 366-unit Mosaic Hills Apartments in Kent for $81 million and the 336-unit Colby Creek Apartments in Everett for $80.3 million. These transactions conclude more than $300 million of Seattle-area acquisitions for the joint venture in 2019. Seattle-based Thrive Communities will manage the properties. Including Mosaic Hills Apartments and Colby Creek Apartments, RISE owns approximately 4,000 units across 22 multifamily properties in the Pacific Northwest.