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September 26, 2018
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Cumberland Holdings Pays $78k/Unit for WA Res Property


Cumberland Holdings has purchased Hawaiian Village Apartment Homes, a 192-unit community in Kennewick, WA, for $15 mil ($78k/unit). The property is located at 1105 W 10th Ave, east of Hwy 395.

Built in 1980, Hawaiian Village Apartment Homes features a number of amenities designed to improve the quality of life for tenants, including a fitness center, swimming pool, rec room and sports court. Additionally, most units have outdoor decks, and all feature additional storage and large kitchens. The property is currently in the middle of an upgrade to the windows and sliders, which will create additional energy efficiencies with double-paned glass in vinyl frames.

Based in Rolling Hills, CA, Cumberland Holdings also has offices in San Francisco, and Bend, OR. This acquisition marks the 12th value-add investment for the company in the Pacific Northwest.

Phil Oester, Joe Nydahl and Josh McDonald of CBREs Pacific Northwest Multifamily team represented the seller, Tilden Hawaiian Village LLC, in the deal.

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