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Sale of Richland Complex Shows Strong Demand for Institutional Multifamily
Located near downtown Richland, The Tides at Willow Pointe apartment complex in Washington has sold for $29,734,325. Kidder Mathews Senior Vice Presidents Ted Sipila and Austin Kelley represented the seller, Washington-based developer Cedar and Sage Homes.
The brand-new luxury property is on the Columbia River waterfront at 230 Battelle Boulevard, with construction completed in 2023. It features 126 units across three buildings on 4.38 acres, with large one and two-bedroom units averaging 800-square-foot floorplans.
In addition to resort-style amenities, the complex is situated in a prime location near convenient access to office space, restaurants, and entertainment. The sale illustrates another example of strong investor demand for institutional-sized multifamily in Eastern Washington.
“It’s increasingly rare to see new construction with over 100 units in the current volatile multifamily market as a whole,” said Sipila. “In Richland, this is one of two new projects delivered in 1Q 2023 with over 100 units, which speaks to the growing interest in the area.”
