A three-property apartment portfolio that includes Evergreen Court, Colonial Court, and Garden Park in Lakewood, Washington sold for $20,490,000 in an off-market sale by Kidder Mathews. The seller is a private local owner.
Brandon Lawler, Jerrid Anderson, and Dylan Simon of the Simon and Anderson team — a multifamily investment team based in Kidder Mathews’ Seattle headquarters — represented the buyer, Sage Homes Northwest, a large single family home builder and owner that is expanding its multifamily footprint in the Puget Sound.
The garden-style portfolio is made up of the following communities:
- Garden Park Apartments: 49 units at 12802-12878 Lincoln Avenue SW
- Colonial Court Apartments: 41 total units at 9120 Lawndale Avenue SW, 9104 Newgrove Avenue SW, and 9119 Kenwood Avenue SW
- Evergreen Court Apartments: 40 units at 12805-12809 47th Avenue SW
The properties are a combination of 1960s and 1970s construction — the majority with original finishes. The buyer is planning to perform a value-add and bring rents up to market value.
“We want to thank the buyer for sticking with this transaction,” said Lawler. “From July when we went under contract to closing in January, a lot has changed in the financial markets. Having a very experienced and capable buyer was vital for this transaction to close given current volatile market conditions. We were excited to play a role in this sale and continue our footprint in the South Puget Sound.”
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 10 brokerage professionals specializes in sale and financing of apartment buildings and development land from $1 million to more than $100 million. 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 20 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 52 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.