Three Lakewood-area apartment sites just sold for more than $20M. Here are the details
Three apartment sites in the Lakewood area have a new owner in a bundled sale that closed this week.
The sites are Evergreen Court, 12805-12809 47th Ave. SW; Colonial Court, 9120 Lawndale Ave. SW, 9104 Newgrove Ave. SW and 9119 Kenwood Ave. SW; and Garden Park, 12802-12878 Lincoln Ave. SW.
The apartment complexes collectively sold to Sage Homes Northwest of Everett for more than $20 million, according to county records posted Jan. 4 and a separate news release.
Sage Homes Northwest is a builder of single-family homes and is expanding its multifamily unit portfolio, according to a Kidder Mathews news release announcing the sale.
Brandon Lawler, Jerrid Anderson and Dylan Simon of the Simon and Anderson team — a multifamily investment team based in Kidder Mathews’ Seattle headquarters — represented the buyer, according to the release.
The seller was Yuan Zhang of Kirkland.
Each site has 40 to 49 units, “a combination of 1960s and 1970s construction — the majority with original finishes,” according to the release.
“The buyer is planning to perform a value-add and bring rents up to market value,” it noted.
Colonial Court and Garden Park last sold in 2004 and 2006 respectively, for just over $1 million each. Pierce County Housing Authority sold Evergreen Court in 2011 for just over $1 million.
A representative for Sage Homes Northwest declined to offer details on future plans for the sites when contacted by The News Tribune.
“We want to thank the buyer for sticking with this transaction,” said Lawler in the release. “From July when we went under contract to closing in January, a lot has changed in the financial markets. Having a very experienced and capable buyer was vital for this transaction to close given current volatile market conditions.”
This story was originally published January 6, 2023 at 5:00 AM.
