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April 22, 2024
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ColRich Acquires 177-Unit Multifamily Property in Kent, WA


ColRich has purchased CityZen Commons, a 177-unit multifamily property in Kent, WA, for $52 mil, or $294k/unit. The asset was sold by The Jacobson Company, who had acquired the property for $28.1 mil in 2018.

Built in 1980, CityZen Commons is located on 7.8 acres at 10925 SE 259th St. The 23-building community has one-bedroom and two-bedroom floorplans with an average apartment size of 810 sf. Amenities include a fitness center, dog park and swimming pool. Additionally, each home has a private patio or balcony and an in-home washer/dryer.

During its ownership, The Jacobson Company made a number of renovations to the property, including painting, adding architectural high lights, enhancing the clubhouse, major relandscaping, and optimizing management. As a result of their changes, the company was able to maximize rents and achieve an internal rate of return of 30%, generating significant cashflow for its investors.

The Kent Valley is a global aerospace and advanced manufacturing hub less than 30 minutes south of downtown Seattle and Bellevue. The community is a short commute from some of the Puget Sound regionís largest employers, with more than 250,000 jobs within a six-minute drive of the property.

According to 2022 census data, Kentís population has increased by 12.6% since 2010, and a study completed in 2020 revealed the city required 5,999 new housing units by 2040 to keep up with demand. The influx of new residents to the area has been largely driven by the growth in employment opportunities, especially as it pertains to global aerospace and advanced manufacturing. In addition to strong employment fundamentals, the property is in close proximity to various retail amenities, including the Kent Station shopping mall just a short drive away.

Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto with CBRE represented the seller in the deal.

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