Kent Multifamily Sells for $7.6 million


Hazel Gardens in Kent brings $7.6 million at sale

Showing investor confidence in the continuing redevelopment and business expansion in Kent, Washington’s sixth largest city, Trinity Property Consultants headquartered in Newport Beach California acquired the Hazel Gardens Apartments at 10710 256th Street in Kent, WA from Dana Mower owner of DBM Investments in Auburn for $7.6 million, or $100,000 per unit.  The 77,647-square-foot, 76-unit apartment community consists of 21 one-bedroom, 49 two-bedroom, and 6 three-bedroom units in eight buildings. The complex was built in 2002.  The property had a 95% occupancy at time of sale reflecting the viability of the site location.  The Kent market has ongoing multifamily investment opportunities, one such property to keep watch for will be marketed by Real Estate Investment Services of Kent in the spring of 2012, offering investors a renovated and fully leased 24 unit multifamily investment property.

 

 

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