Knol Apartments in Kent, Washington, trades for $44.5M

Seattle, Wash. (August 27, 2020) – Dylan Simon, Jerrid Anderson, and Matt Laird of Kidder Mathews closed the sale of Knol Apartments in Kent, Washington, on Thursday, August 27, 2020. The property sold for $44.5M, equating to $207,000 per unit and $302 per net rentable square foot.

Formerly known as La Mirage Apartments, the property last sold in July 2018. Simon, Anderson, and Laird were the sales brokers in the previous transaction as well; yet, two years made a considerable difference for both the property and the sales process.

Since 2018, the owners completely transformed the property, modernizing the clubhouse, leasing office, outdoor spaces, and building interiors and exteriors. The contemporary finishes and extensive resident amenities compare to newly constructed apartments in this thriving South King County market.

Despite demand among multifamily investors, listing the asset for sale in mid-March 2020 brought new challenges for the sales team in the face of global economic uncertainty and restrictions to in-person tours.

“There was never a question that Knol Apartments would be a fantastic keystone asset for a Pacific Northwest apartment portfolio, yet we had to pivot quickly with such an abrupt change to normal sales processes.” Simon explains. “Combining innovative sales practices with a close eye on safety and compliance, the sales process for Knol proved a success for both buyer and seller.”

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