Fairwood Landing, a garden-style apartment community totaling 195 units in Renton, Washington sold today for $61 million in an off-market sale by Kidder Mathews. The buyer was San Francisco-based Sack Properties, and the seller was Bellevue-based CES Properties.
Jerrid Anderson, Brandon Lawler, and Dylan Simon of the Simon and Anderson team, a multifamily investment team based in Kidder Mathews’ Seattle headquarters, represented the buyer. Kidder Mathews was the only broker involved in the transaction. This is the firm’s second sale with CES Properties in the past six months along with its $15 million sale of Belmont Court in Seattle.
The apartment building was built in 1981 at 14121 Southeast 177th Street and still has classic interior finishes. At a sale price of $61 million, it is the third largest sale in Renton in the past three years. The value-add acquisition was an ideal fit for Sack Properties, an extremely experienced investor on the West Coast. Sack Properties is planning an extensive modernization, breathing new life into the property.
“Our client Sack Properties made this deal happen. They submitted a strong offer and locked a great interest rate in Q1 2022, making it a great deal for both buyer and seller,” said Anderson.
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 apartment investors and developers in the sale, purchase, and financing of apartment buildings and development land across Washington State. The team of ten brokerage professionals specializes in the sale of apartment buildings and development land from $1M to more than $100M. For more information, visit simonandersonteam.com.
About Kidder Mathews
Kidder Mathews is the largest independent 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, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 62 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.