Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Seattle Region Multifamily Trades for $52M
The Jacobsen Company has announced the sale of CityZen Commons, a 177-unit multifamily property in the Seattle submarket of Kent, WA. The CBRE team of Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto represented the seller in the $52 million transaction.
The 42-year-old, 23-building community is located on SE 259th Street, and features one- and two-bedroom units with an average size of 810 square feet. Amenities include a fitness center, dog park and swimming pool.
“We strategically identified this asset as a value-add opportunity that demonstrated the core fundamentals we look for when evaluating a community,” said Larry Jacobsen, President and CEO of the Jacobsen Company, which purchased the property in 2018 for $28 million. “After acquiring the asset, we executed our renovation plan, and we were able to maximize rent potential in a thriving workforce submarket of Seattle and achieve an internal rate of return of 30%.”
- ◦Sale/Acquisition
