51-Unit Park Luxury Townhomes Sells for $17M

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The Park Luxury Townhomes, a 51-unit multifamily property located at 12135 122nd Avenue E. in Puyallup, Washington, has sold for $17,000,000 in an off-market sale structured by Kidder Mathews. The buyer was Overland Real Estate. Dylan Simon, Brandon Lawler, and Jerrid Anderson, from the Simon and Anderson Team, a multifamily investment team at Kidder Mathews, represented the buyer in the transaction.

Built in 2009, Park Luxury Townhomes is a private community of upscale, built-for-rental (BFR) duplex homes. The seller is the community’s original developer and has meticulously maintained and operated the property over the last decade, leading to 100 percent occupancy at the time of sale.

“We want to thank both the buyer and the seller for an extremely smooth transaction,” said Lawler. “Taking a transaction from contract to closing in less than seven weeks, including financing, in this environment was an incredible accomplishment and a testament to the parties, the asset, and the strength of the South Sound,” said Lawler.

The Simon and Anderson Team sourced Park Luxury Townhomes off-market and represented the buyer, an active local investment company, in approaching the owner and structuring the sale on terms benefiting both parties. They were the exclusive brokers involved in the transaction.

About the Dylan Simon and Jerrid Anderson apartment brokerage team
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents investors in the sale, purchase, and financing of apartment buildings and development land across the greater Seattle and Puget Sound region. The team of eight brokerage professionals specializes in sale and financing of apartment buildings and development land from $1 million to in excess of $100 million. For more information, visit dylansimon.com.

About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9.6 billion in transactions, manages over 71 million square feet of space, and conducts over 1,700 appraisals annually. For more information, visit kidder.com.

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