October 20, 2017 Comments Off on PCCP, Westbridge Divest Seattle-Area MF Views: 958 National News, Washington, West

PCCP, Westbridge Divest Seattle-Area MF

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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