sold

Listings/Knol Apartments

Knol Apartments

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Sold – $44,500,000

  • Fully renovated property in growing Seattle suburb
  • Brought to market in March 2020 during Stay Home, Stay Healthy orders
  • Innovative sales practices created successful process for both buyer and seller

Executive Summary

Knol Apartments presents a fantastic opportunity for investors to purchase a fully stabilized, 215-unit apartment complex with best-in-class renovations in the thriving Seattle submarket of Kent.

The Kent Valley’s impressive job growth among major employers in the industrial sector continues to draw new residents to the area, while development of new retail centers — including Kent Station, The Landing in Renton, and Covington Square — continue to transform Kent from its industrial roots to an urbanizing destination.

Property Overview

Address
11239 SE 260th St, Kent, WA 98030
Parcels
1
Parcel Number
292205-9002
Land Size
405,934 SF / 9.32 acres
Zoning
MR-M
Parking
380 stalls (1.77 ratio)

Building Details

Buildings
6 + office/clubhouse
Stories
3
Total Units
215
Year Built
1985
Renovated
2016–2019
NRSF
146,810 SF

Investment Opportunity

Exceptionally executed renovations to Knol make it the top destination for Kent’s East Hill. The property is fully modernized with beautiful resident amenities and fully renovated units with updated finishes and in-unit washers and dryers for all one- and two-bedroom units.

Kent and King county’s south-end markets have the most consistent rental rate appreciation in the entire region. Year-over-year rental rate growth averaged greater than 6% every year for the past 5 years, while vacancy rates remain sub-5%.

This fully updated property provides a perfect palate to continue pushing rental rates and selectively add new resident amenities to further drive rental rates. Knol’s nearly 10 acres of park-like setting offer ample room for additional outdoor amenities, along with the ability to add backyards to units and carports/covered parking.

Best-in-Class Renovations

Strong Rental Rate

Identify Opportunities to Push Rent

Location

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Knol Apartments

11239 SE 260th St
Kent, WA 98030
Units: 215
Price: $44,500,000

About the Area

Kent, located in the center of the Seattle-Tacoma metropolitan area, is the 6th-largest city in Washington State. The Kent Valley is home to one of our region’s largest employment bases, with hundreds of thousands of blue- and grey-collar jobs, and features captivating neighborhoods, award-winning parks, exceptional school districts, and nationally accredited police and fire departments.

  • 1870–1900 Once a major hops producer, in 1889 Kent was named for the County of Kent, a key hops producing region in England.
  • 1900–1930 After the turn of the 20th century the area turned to dairy farming, and was home to a Carnation Condensed Milk plant.
  • 1930–1965 In the 1930s, Kent was known as the Lettuce Capital of the World. The lettuce fields eventually made way for the Boeing Space Center.
  • 1965 Boeing begins building their Space Center in Kent, establishing Kent as the industrial nerve center of the Puget Sound region.
  • 2005 Kent Station opens 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.
  • 2009 The ShoWare Center is 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.
  • 2010–Future 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

36

Median Age (3 Mile Radius)

4th

Largest manufacturing & distribution center in the U.S.

3rd

Largest industrial park on the West Coast

73

Parks, trails, play fields & open spaces

Sold by:

Kidder Mathews' Simon | Anderson Team

Kidder Mathews was the exclusive Listing Brokerage for this Offering. Dylan Simon, Jerrid Anderson, and Matt Laird exclusively represented the Seller in the sale of Knol Apartments.

Direct: 206.414.8575

       
       

Direct: 425.736.5516