August 31, 2020
Kidder Mathews closed the sale of Knol Apartments in Kent for $44.5M, equating to $207,000-per-unit and $302-per-net-rentable-square-foot. The seller was reportedly Goodman Real Estate, which had acquired the Class B asset in 2018 for $31.8 million in a 1031 exchange. The buyer was undisclosed.
The property is situated on 23 acres at 11239 SE 260th St. and consists of five three-story buildings completed in 1985.
Kidder Mathews’ Dylan Simon, Jerrid Anderson, and Matt Laird represented the seller. The asset previously sold in July 2018, with Simon, Anderson, and Laird handling that sales transaction as well.
Subsequently, the owners completely transformed the property, modernizing the clubhouse, leasing office, outdoor spaces, and building interiors and exteriors. The contemporary finishes and extensive resident amenities compare to newly constructed apartments in this South King County market.
For comments, questions or concerns, please contact Dennis Kaiser