Suncrest Apartments, a 45-unit multifamily community located at 1800 Evergreen Street in Walla Walla, Washington, has sold for $4.3 million.
Kidder Mathews Vice President Max Frame of the Simon | Anderson Multifamily Team in Seattle represented the seller, Art Griff, in the transaction. The buyer was Jason Zook. Situated on 1.72 acres, Suncrest Apartments consists primarily of two-bedroom units and offers investors a value-add opportunity. The sale represents the property’s first change of ownership in 45 years, with Kidder Mathews serving as the sole brokerage firm involved.
“Properties that have been held by the same owner for nearly half a century don’t come to market often,” said Frame. “Suncrest offered a rare opportunity to acquire an established apartment community with significant value-add potential. The size of the transaction also speaks to the investment opportunities we’re seeing in markets outside Washington’s major metropolitan areas.”
Brightshore Capital LP, formerly GTIS Partners, has acquired DŌMI, a newly constructed, 190-unit luxury multifamily property located at 29-24 40th Ave. in Long Island City, for slightly more than $143 million. The acquisition through Brightshore’s Opportunity Zone Fund II was financed with a $98.5-million loan from Affinius Capital. The seller was a joint venture of...
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Harrison Street Asset Management and Harbert Management Corporation’s South Bay investment team have announced a joint venture to develop two senior housing communities in Pasadena, California and Potomac, Maryland. The Palmer in Pasadena and The Belle Mare in Potomac are designed to add 80 and 94 units to their respective communities. Together with projects already under...
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Multifamily borrowers with maturing loans face a significantly higher interest rate environment to refinance, with Newmark reporting a 41% increase in interest costs. Loans maturing in the third quarter of 2026 carried an average interest rate of 4.04%, compared with the current 5.69% for new loans. At the same time, cap rates have averaged 5.5%,...
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Central CA Commercial | California
Recckio Real Estate & Development
Northgate Real Estate Group
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