Sage Homes Purchases Lakewood Apartment Portfolio for $21.5M
Kidder Mathews’ Simon and Anderson multifamily team has closed the $20.49 million off-market sale of Evergreen Court, Colonial Court and Garden Park, a three-property apartment portfolio in Lakewood, WA. Sage Homes Northwest acquired the communities from a private local owner.
“We want to thank the buyer for sticking with this transaction. From July when we went under contract to closing in January, a lot has changed in the financial markets. Having a very experienced and capable buyer was vital for this transaction to close given the volatile market conditions,” said Kidder’s Brandon Lawler, who represented the buyer, along with Jerrid Anderson and Dylan Simon.
Evergreen Court (pictured) consists of 40 units on 47th Avenue SW, Colonial Court is a 41-unit community on Lawndale Avenue SW and Garden Park features 49 units on Lincoln Avenue SW. Sage Homes plans on performing a value-add to the garden-style trio in order to bring rents up to market value.
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.