Sale Price: $32,000,000
For more information about this property, please contact the listing broker.
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Located 17 miles south of Seattle, La Mirage presented a fantastic opportunity to own a 216-unit apartment complex in the urban-suburban Kent market and implement a value-add investment strategy.
La Mirage’s buildings were constructed in 1985 and offered a mix of classic, partially-renovated, and fully-renovated unit interiors. The remaining renovations provided an ideal value-add opportunity for the investor looking to capitalize on the Puget Sound region’s strong fundamentals and growing unaffordability in its urban core neighborhoods.
The Kent Valley had impressive job growth in the industrial sector with major employers such as Boeing, Amazon, and Paccar, which continued to draw new residents to the area, even as rental rates rose. Development of new retail centers nearby, including Kent Station, The Landing in Renton, and Covington Square, had helped transform the area from an industrial town into an urban-suburban destination.
The Kent rental market has proven demand for renovated units, with many buildings in our comparable set offering updated, modern units. Since the end of 2016, current ownership has been renovating units to compete with this demand, and has fully renovated 52 units and partially renovated 94 units to date. These units are well-received by the renter pool, and lease rates are improving greatly thanks to property management’s recent commitment to push rental rates.
La Mirage offers a very unique opportunity to execute a three-tiered value-add program – renovating the classic units, finishing the upgrades on the partially renovated units, and improving the property as a whole. Once complete, the combination of these strategies will position La Mirage at the top of the Kent rental market.
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About the Area
Once a major hops producer, in 1889 Kent was named for the County of Kent, a key hops producing region in England. After the turn of the 20th century the area turned to dairy farming, and was home to a Carnation Condensed Milk plant.
In 1965 Boeing began building their Space Center in Kent, establishing Kent as the industrial nerve center of the Puget Sound region.
Key attractions such as Kent Station and the ShoWare center opened between 2005 and 2009, turning Kent into a destination. Extensive retail, residential, and office space is anchored by a branch of Green River College, and supported by a transit center. The ShoWare Center is home to the Seattle Thunderbirds (hockey), Tacoma Stars (soccer), and Seattle Mist (football). The 6,500-seat arena also hosts concerts, shows, and other events.
Today, Alaska Airlines, REI, Oberto Sausage Company, and Seattle Bicycle Supply are all headquartered in the Kent Valley, while Amazon, Starbucks, and GE, operate major facilities here.
From both Seattle and Tacoma
Largest city in Washington
Largest manufacturing & distribution Center in US
Largest industrial park on West Coast
Exclusive Listing Brokers
Colliers International WA LLC is the exclusive Listing Brokerage for this Offering. Dylan Simon, Jerrid Anderson, and Matt Laird are exclusively representing the Seller in the sale of La Mirage Apartments.