Waters Edge Multifamily Asset in Kent, Washington, Sold for $80 Million

Institutional Property Advisors (IPA), a division of Marcus & Millichap, has announced the successful sale of Waters Edge, a premier multifamily asset located in the thriving community of Kent, Washington. The property, consisting of 304 high-end units, was sold for an impressive $80 million, equating to approximately $263,125 per unit.

Kent has experienced significant population growth over the past decade, with a 40% increase compared to Seattle MSA’s 14% growth during the same period. This robust growth, coupled with the high cost of single-family homes in South King County, has contributed to a strong multifamily market in Kent. Waters Edge, with its value-add potential, perfectly aligns with the demand for quality rental housing in the area.

IPA’s executive director, Giovanni Napoli, highlighted the property’s strategic location within the Puget Sound region. Waters Edge offers residents convenient access to Downtown Seattle, Downtown Bellevue, Eastside, Renton, Kent Valley, and SEA International Airport. Additionally, the property is within close proximity to major transportation routes, including Interstate 5 and several state routes.

Built in 1987, Waters Edge boasts a low-density community with meticulously maintained grounds and a private lake featuring a scenic walking trail. The property recently underwent updates, including a renovated central clubhouse with a leasing office, lounge, and fitness center. Residents can also enjoy a heated outdoor pool, walking trails, and a children’s playground. The apartments, ranging from one to three bedrooms, have an average size of 879 square feet. Some units offer additional features such as oversized laundry rooms and wood-burning fireplaces with brick mantels.

Institutional Property Advisors (IPA), a division of Marcus & Millichap, specializes in providing customized solutions for the acquisition, disposition, and financing of institutional properties and portfolios. Their expertise, combined with industry-leading technology and research, ensures exceptional service for clients. For more information about IPA, please visit www.institutionalpropertyadvisors.com.

Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research, and advisory services. With offices across the United States and Canada, Marcus & Millichap has a team of professionals dedicated to assisting clients with their commercial real estate needs. To learn more about Marcus & Millichap, please visit www.MarcusMillichap.com.

The sale of Waters Edge in Kent, Washington, represents a significant transaction in the multifamily real estate market. The property’s attractive features, coupled with the growing demand for rental housing in the area, make it a valuable investment opportunity.