Kidder Mathews has announced the $61 million sale of Fairwood Landing, a 195-unit, garden-style apartment community in Renton, WA. The buyer was San Francisco-based Sack Properties and the seller was Bellevue-based CES Properties. Kidder Mathews was the only broker involved in the transaction.
The 41-year old multifamily property is located at 14121 Southeast 177th St. and an extensive modernization is planned. The sale price of $61 million is the third largest sale in Renton in the past three years, and the value-add acquisition was ideal for Sack Properties, an experienced West Coast investor.
“Our client Sack Properties made this deal happen. They submitted a strong offer and locked a great interest rate in Q1 2022, making it a great deal for both buyer and seller,” said Dylan Simon of Kidder’s Simon and Anderson multifamily investment team in a news release.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.