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10/19/17
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Meter Properties has acquired Arterra Townhomes, an 81-unit, garden-style apartment property in Kent, WA for $20 mil ($247k/unit), free and clear of any debt. The seller was a joint venture between PCCP LLC and Westbridge Properties LLC.
Arterra Townhomes features spacious townhome-style units averaging 1.4k sf in size. Community amenities include a swimming pool, fitness center, playground, clubhouse and business center. The property is 97.5% leased.
The property is situated on nearly five acres at 10031 SE 258th Place in the heart of one of Kent’s major retail corridors, placing it less than two miles from the Kent Station mixed-use development, which features office space, a movie theater and numerous retail and entertainment options. Additionally, Arterra Townhomes offers nearby access to multiple forms of public transportation and major roadways, including Interstate 5 and State Route 167, servicing the Puget Sound area.
Christopher Ross and Ira Virden with HFF represented the seller.
“With only a handful of renovated units, Arterra offers a tremendous value-add opportunity in one of the strongest submarkets in the region,” Ross said. “The large townhome-style units offer residents a unique floorplan that provides an affordable alternative to purchasing a single-family residence.”
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