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East Wenatchee Apartments Sell For $20.9M

East Wenatchee is seeing a spillover effect from Seattle's economic boom.

The Rylee Ann Apartments in East Wenatchee was recently sold to a partnership between Richland Spoerl Apartments LLC and Richland Armstrong Apartments LLC for $20.9M.

The 105-unit site sold at a 5.4% cap rate.

The property is located at 229 Ninth St. NE in East Wenatchee. Rylee Ann LLC was the seller. Ryan Kidwell and Robert Parmar of Summerfield Commercial were the brokers.

The building is a garden-style apartment development with 93 two-bedroom and 12 three-bedroom units with an average size of 1,153 SF. The units include stainless steel appliances, granite counters, balconies and patios, and an attached 6x6 storage unit. The complex also has an on-site maintenance shop. 

East Wenatchee, part of Wenatchee Valley, is getting some of the spillover from Seattle’s rapid growth. East of the Cascades, the city sits in the sunny side of the state and is starting to experience a real estate boom.