Goodman Real Estate Buys WA Property for $32M

Colliers brokered the sale of the apartment community, which encompasses 216 units in six buildings. The 1985-built property was recently renovated.
La Mirage Apartments
La Mirage Apartments

Multitech Properties Inc. has sold La Mirage Apartments, a 216-unit garden-style property in Kent, Wash. According to public records, an entity affiliated with Goodman Real Estate purchased the asset for $32 million, or $148,148 per unit. Colliers’ Seattle Multifamily Team brokered the sale on behalf of the seller.

The property is located at 11239 S.E. 260th St., adjacent to Route 516. Downtown Kent is an eight-minute drive away, while Seattle is less than one hour north of the site. In addition to that, a retail center anchored by Target and The Home Depot is located close to the community.

Dating back to 1985, La Mirage has six residential buildings, a leasing office and clubhouse, and also features a swimming pool and extensive landscaping. The property underwent capital renovations between 2016 and 2018.

The Colliers team included Executive Vice President Dylan Simon and Vice President Jerrid Anderson. “Seattle’s south-end submarkets continue to see remarkable rent growth and present excellent opportunities for investors as this market cycle continues to mature,” said Simon, in prepared remarks.

Image courtesy of Colliers