Kidder Mathews, one of last year’s top brokerage firms, has facilitated the $44.5 million sale of Knol Apartments, a 216-unit community in Kent, Wash. Dylan Simon, Jerrid Anderson and Matt Laird negotiated on behalf of the seller. According to Yardi Matrix data, Goodman Real Estate purchased the Class B asset in 2018 for $31.8 million in a 1031 exchange.
Situated on 23 acres at 11239 SE 260th St., the community formerly known as La Mirage Apartments consists of five three-story buildings completed in 1985. The unit mix has studio, one- and two-bedroom floorplans averaging 687 square feet. Amenities include a pool, sports court, playground and dog park. After the 2018 purchase, the former owner completely renovated the property, including modernizing the building interiors and exteriors, clubhouse, leasing office and outdoor spaces, to make the property more competitive with newly constructed apartments in the market.
The asset changed hands for the equivalent of $207,000 per unit and $302 per net rentable square foot. Kidder Mathews noted that the property was listed in mid-March, creating challenges for the sales team amid restrictions on in-person tours and economic uncertainty. Simon said in a prepared statement that the team was able to pivot the sales process quickly while adhering to the new safety guidelines.
Knol Apartments is 22 miles southeast of downtown Seattle near U.S. Route 516. The community is 1 mile east of a dense retail area that includes Canyon Ridge Plaza and Kent Hill Plaza as well as Kaiser Permanente Kent Medical Center.