sold

La Mirage

Market-Leading Cap Rate

  • Long-held property with various levels of renovation
  • Clear communication of complex market study lead to multiple preemptive offers
  • Final offer above sales price equated to market-leading cap rate

Strategy Drives Sale

Opportunity

The property’s long-time owners approached the Simon | Anderson Team in 2017 to discuss the possibility of selling La Mirage. We worked with the property owners and their management company for months to position the property for a successful marketing and sales process and in the Spring of 2018, launched to 1000s of local, national, and international investors. 

Execution

La Mirage is a 216-unit garden court apartment community with varying levels of unit renovations challenged by limited tenant amenities compared to nearby properties. Our team highlighted the tremendous value-add opportunity that La Mirage offered investors such as raising rents to market, finishing unit renovations, and adding much-needed tenant-amenities. Another key component highlighted in marketing materials was Kent’s rapidly strengthening rent and job growth which further supported La Mirage’s identity as a true value-add investment opportunity. 

Communicating this complex and intertwined story through our marketing efforts produced intense competition among investors which lead to multiple preemptive offers. Dylan was successful in negotiating a very attractive offer on behalf of the owner that was $2,000,000 above list price with considerable non-refundable earnest money, and a very short due diligence period. Our team worked tirelessly with the Seller and Buyer to close the transaction in a remarkable 36 days with no extensions or headaches for either party.

Result

The Simon | Anderson sold La Mirage in July 2018 for $32,000,000; a market-leading 3.9% cap rate. 

Site Details

Address
11239 SE 260th St, Kent, WA
Property Type
Garden Style Apartment
Sale Price
$32,000,000
Price per Unit
$148,148
Price per Square Foot
$217.35
Units
216
NRSF
147,227

I have been an investor and developer in real estate for 30 years with offices in Los Angeles, San Diego and Toronto, and I am happy to share with you that I have never met a brokerage team equal to Dylan and Jerrid’s.

My sale had a plethora of complications to it. Dylan handled all of them personally and with perfection as though he were the owner himself.