CBRE Arranges WA Community Sale
- Dec 05, 2017
Hawaiian Village, a 192-unit community located in Kennewick, Wash., has changed hands. CBRE Capital Markets has secured the sale of the property, and Phil Oester, Joe Nydahl and Josh McDonald of CBRE’s Pacific Northwest Multifamily team worked on behalf of the seller, Tilden Hawaiian Village LLC. The buyer was Cumberland Holdings.
Located at 1105 W. 10th Ave., the community is close to various restaurants, shopping and recreation venues such as Carmine’s Italian Restaurant, Starbucks, Kennewick Plaza, Gold’s Gym and The Home Depot. Hawaiian Village features one- and two-bedroom units ranging from 592 to 792 square feet. The 10 two- and three-story buildings offer common area amenities such as:
- sparkling pool
- fitness center
- recreation room
- laundry facilities
- storage unit
- tanning center
The pet-friendly property was built in 1980 and according to data provider Yardi Matrix, Hawaiian Village was 97.9 percent occupied as of October. Currently, various upgrades are being made to the windows and sliders, in order to create additional energy efficiencies.
“The Tri-Cities area has been leading the state in job growth, with a lower cost of doing business and a strong STEM community,” Phil Oester, senior vice president of CBRE Capital Markets, said in a statement. “The fact that this property has averaged 98 percent occupancy over the last 12 months show that there is a strong demand for multifamily housing in the Tri-Cities.”
Image courtesy of Yardi Matrix
If you’d like to be featured in Brokers’ Corner, send your deal to email@example.com