July 16, 2018, Seattle, WA – Dylan Simon and Jerrid Anderson of Colliers’ Seattle Multifamily Team closed the sale of La Mirage Apartments in Kent, Washington, on Thursday, July 12, 2018. The property sold for $32,000,000, equating to $148,148 per unit and approximately $217 per net rentable square foot.
La Mirage Apartments is a 216-unit, garden-court style property originally built in 1985. The property comprises six residential buildings and a leasing office with clubhouse and pool. Just outside of La Mirage’s extensive landscaped grounds are major destinations such as Kent Station and the ShoWare Center, marking Kent’s emergence as an urban center.
From 2016 to 2018, the property underwent renovations upgrading units and accommodating an influx of residents moving into the region as major employers such as Amazon, REI, Boeing, and Paccar continue to grow.
“Seattle’s south-end submarkets continue to see remarkable rent growth and present excellent opportunities for investors as this market cycle continues to mature,” stated Simon.
Dylan Simon, Executive Vice President, and Jerrid Anderson, Vice President, of Colliers’ Seattle office represented the sellers, a private ownership group. The buyer was not represented by a broker.