Seattle-Area Community Changes Hands for $11M

Providence Landing Apartments. Image courtesy of CBRE

Kaz Enterprises Inc. has sold Providence Landing Apartments, a 51-unit community in Federal Way, Wash. CBRE represented the seller in the $10.9 million trade with Vesta Property Management. The brokerage also arranged the existing loan on the property through Freddie Mac and advised on the buyer’s assumption of the loan by completing the refinancing of the company’s other properties.

Built in 1989, Providence Landing comprises two- and three-bedroom apartments, with washer/dryer units and vaulted ceilings. Common-area amenities include a pet station and walking trails. The asset also has 51 parking spaces.

Located at 31220 28th Ave. S., on 2.8 acres, the five-building property is just off Interstate 5. The surrounding area has several retail and dining options, including Gateway Center, which is within walking distance of the asset. Downtown Tacoma, Wash., is 11 miles from Providence.

CBRE’s team included Jay Timpani, Mitchell Belcher, Steven Chattin and Chad Blenz. Robert Doxsee and Michael Manolides arranged the financing. Recently, the brokerage arranged the sale of The Press at Midtown Quarter, a 277-unit community in Sacramento, Calif. Oakmont Properties acquired the asset for $118 million.