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Northmarq Completes $20M Sale of Richland Apartments
Northmarq’s Seattle Multifamily Investment Sales team led by Tyler Smith, Joe Kinkopf and Steve Fischer successfully completed the $19.94 million sale of Richland Court, an 88-unit garden apartment located at 2433 George Washington Way in Richland, Washington.
Northmarq represented the seller, KEI Apartment Fund 9, LLC. The buyer was BLV-Richland Court LLC. The property is a three-hour drive from downtown Seattle.
“The recent buyer acquired this meticulously maintained asset as part of a multi-part 1031 exchange, said Smith. “This closing represents a significant milestone in the market, serving as a strong indicator of the it’s resilience in a post interest rate hike environment.”
Built in 1994, Richland Court features one-, two- and three-bedroom units and includes 142 parking spaces — 10 garage, 24 carport and 108 surface spots. Apartment amenities include a full-sized washer and dryer, air conditioning, a balcony, fireplace, microwave, oven, vaulted ceiling and ADA-accessible rooms.
