Kent Multifamily Complex Sells For $34.5M
The 168-unit RedHill Pines garden-style apartment complex in Kent recently sold for $34.5M, or $205,357 per unit. The 10-building multifamily complex was built in 1980. The 98-unit RedHill Pines was built in 1980 and the RedHill Pines North is a 70-unit complex that was built in 1988.
The complex last changed hands in 2016 for $16.26M, according to public records. International Property Advisors Capital Markets arranged $23.4M in acquisition financing. IPA Senior Managing Director Philip Assouad, IPA Senior Managing Director Giovanni Napoli, and IPA Vice Presidents Ryan Dinius and Sidney Warsinske represented the seller. RedHill Realty Investors procured the buyer.
The two communities have a shared clubhouse and leasing office. The units average 796 SF and all have private patios or balconies. The buildings are at 9626 South 252nd St., Kent, an area with many high-paying industrial jobs.
Kent is near some of the region’s major employers, including SeaTac airport, Amazon, Boeing and Valley Medical Center. The city of Kent is working on making the industrial city more pedestrian-friendly, adding amenities like restaurants and improving parks. It has experienced rapid growth over the last few years and now has 65,000 jobs.
Several industrial and mixed-use projects have been launched and changed hands in Kent over the last couple of years. Marquee on Meeker, a 20-acre mixed-use development in downtown Kent, is under construction. West Valley Business Park, also in Kent, recently sold for $30.45M.