October 20, 2017
Arterra Townhomes, an 81-unit, garden-style apartment property in Kent, WA, has sold for $20 million. HFF marketed the property on behalf of the seller, a joint venture between PCCP, LLC and San Francisco-based Westbridge Properties LLC. Bellevue, WA-based Meter Properties purchased the asset free and clear of existing financing.
Arterra Townhomes features townhome-style units averaging 1,376 square feet with community amenities, including a swimming pool, fitness center, playground, clubhouse and business center. The 97.5%-leased property is situated on nearly five acres at 10031 SE 258th Place, roughly 20 miles south of Seattle.
HFF’s Christopher Ross and Ira Virden represented the seller.
“With only a handful of renovated units, Arterra offers a tremendous value-add opportunity in one of the strongest submarkets in the region,” Ross said.
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