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Listings/La Mirage

La Mirage

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Executive Summary

Colliers International is pleased to offer the opportunity to purchase La Mirage Apartments in Kent, Washington. Located 17 miles south of Seattle, La Mirage presents a fantastic opportunity to own a 216-unit apartment complex in the urban-suburban Kent market and implement a value-add investment strategy.

La Mirage’s buildings were constructed in 1985, and offer a mix of classic, partially-renovated, and fully-renovated unit interiors. The remaining renovations provide an ideal value-add opportunity for the investor looking to play off of the Puget Sound region’s strong fundamentals and growing unaffordability in its urban core neighborhoods.

The Kent Valley’s impressive job growth in the industrial sector with major employers such as Boeing, Amazon, and Paccar continues to draw new residents to the area, even as rental rates rise. Development of new retail centers nearby, including Kent Station, The Landing in Renton, and Covington Square, have helped transform the area from an industrial town into an urban-suburban destination.

Site Details

Address
11239 SE 260th Street, Kent, WA
Number of Parcels
1
Land Size
9.32 Acres
Parcel Number
292205-9002
2018 Property Tax
$324,091
Zoning
MRM

Development Details

Units
216
Year Built
1985
Years Renovated
2016-2018
NRSF
147,650 SF
Avg Unit Size
684 SF
Number of Buildings
6 Residential + Office/Clubhouse
Number of Stories
3
Parking
380; 1.76 Ratio
Laundry
Common

Investment Opportunity

The Kent rental market has proven demand for renovated units, with many buildings in our comparable set offering updated, modern units. Since the end of 2016, current ownership has been renovating units to compete with this demand, and has fully renovated 52 units and partially renovated 94 units to date. These units are well-received by the renter pool, and lease rates are improving greatly thanks to property management’s recent commitment to push rental rates.

La Mirage offers a very unique opportunity to execute a three-tiered value-add program – renovating the classic units, finishing the upgrades on the partially renovated units, and improving the property as a whole. Once complete, the combination of these strategies will position La Mirage at the top of the Kent rental market.

Unit Renovations

Rental-rate increases between 30 - 40% are possible after
completion of a full value-add program

Exteriors & Common Areas

Prime for a value-add program that focuses on improving the overall look, feel, and resident experience

Job Growth

South King County is one of two markets in the region that experienced job growth across all major sectors

Market Growth

Over the last five years, rental rates increased 47.2% — the highest growth in the Puget Sound

Location

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La Mirage

11239 SE 260th St
Kent, WA 98030
Units: 216
Price: $32,000,000

About the Area

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.

In 1965 Boeing began building their Space Center in Kent, establishing Kent as the industrial nerve center of the Puget Sound region.

Key attractions such as Kent Station and the ShoWare center opened between 2005 and 2009, turning Kent into a destination. Extensive retail, residential, and office space is anchored by a branch of Green River College, and supported by a transit center. 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.

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 and Tacoma

6th

Largest city in Washington

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 La Mirage Apartments.

Direct: 206.414.8575

       
       

Direct: 425.736.5516