sold

Listings/Kentwood Apartments

Kentwood Apartments

Contact Listing Agent

Site Details

Address
22425 Benson Road SE, Kent, WA 98031
Number of Parcels
1
Land Size
127,630 SF
Parcel Number
172205-9096
2018 Property Tax
$130,924
Zoning
MR-H

Development Details

Units
95
Years Built
1955 - 1972
NRSF
68,331 SF
Avg Unit Size
719 SF
Number of Buildings
13
Number of Stories
1, 2 and 3
Parking Stalls
139
Laundry
Common; 48 In-Unit

Investment Opportunity

Kentwood offers investors a tremendous, two-tiered value-add opportunity with the ability to achieve 20% rent growth across all units by boosting rents to market while retaining current finishes or fully renovating interiors to compete with nearby renovated apartment communities.

Refreshing the property with minor updates to Kentwood’s exterior will complement the interior value-add program and create a strong brand that supports increased rental rates. Replacing the beige with fresh paint and lively colors, creating a high-end feel with new aluminum and glass railings, and adding texture through brick or stone accents will take Kentwood to the next level.

Kentwood is also bolstered by strong market fundamentals. Located in South King County, Kent is one of the region’s strongest markets with runway for growth. Home to major employers including Boeing, Amazon, Paccar, and REI, the region has seen impressive job growth across all major sectors and experienced the highest rental-rate growth in the Puget Sound Region through current market cycle.

Value-Add Opportunity

Refresh Exterior

Strong Market Fundamentals

Location

Open Google Maps

Kentwood Apartments

22425 Benson Rd SE
Kent, WA 98031
Units: 95
Price: $14,250,000

About the Kent Valley

Once a major hops producer, in 1889 Kent was named for the County of Kent, a key hops producing region in England. After the turn of the 20th century the area turned to dairy farming, and was home to a Carnation Condensed Milk plant. By the 1930s, Kent was known as the Lettuce Capital of the World.

The lettuce fields eventually made way for the Boeing Space Center. Boeing began building their Space Center in Kent in 1965, establishing Kent as the industrial nerve center of the Puget Sound region.

Kent Station opened in 2005 as a destination amenity for residents. Extensive retail, residential, and office space is anchored by a branch of Green River College, and supported by a transit center.

The accesso ShoWare Center followed in 2009. Home to the Seattle Thunderbirds (hockey), Tacoma Stars (soccer), and Seattle Mist (football), the 6,500-seat arena also hosts concerts, shows, and other events.

Today, Alaska Airlines, REI, Oberto Sausage Company, and Seattle Bicycle Supply are all headquartered in the Kent Valley, while Amazon, Starbucks, and GE, operate major facilities here.

18 Miles

From Both Seattle & Tacoma

6th Largest

City in Washington

35

Median Age (1 Mile)

4th Largest

Manufacturing & Distribution Center in US

2nd Largest

Industrial Park on West Coast

Contact Us

Exclusive Listing Brokers

Colliers International WA LLC is the exclusive Listing Brokerage for this Offering. Dylan Simon, Jerrid Anderson, and Matt Laird are exclusively representing the Seller in the sale of Kentwood Apartments.

Direct: 206.414.8575

       
       

Direct: 425.736.5516