RICHLAND, WA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of The Villas at Meadow Springs (top left photo), a 286-unit, 294,241-square foot luxury apartment community in Richland. The sales price of $34,220,000 represents $119,650 per unit and $116 per square foot.
James Kordell, a senior associate in the firm’s Ontario, Calif. office, represented the buyer, a Southern California-based LLC. Daniel Chhan, of the firm’s Seattle office, also provided representation.
“This was a strategic purchase for the buyer’s portfolio,” says Kordell. “The Tri-Cities submarket has had one of the nation’s lowest unemployment rates, indicating support for continued rent growth and strong occupancy.”
The property is located at 250 Gage Blvd. on the corner of Gage Boulevard and Venus Drive, across from the Meadow Springs Country Club (lower right photo) in Richland. The city of Richland is in southeastern Washington State at the confluence of the Yakima River and the Columbia River. Along with two nearby cities, Pasco and Kennewick, Richland forms the Tri-Cities area.
The Villas at Meadow Springs was built in 2003 on 16.2 acres. The unit mix features one-, two- and three-bedroom apartments with an average size of 1,029 square feet. Amenities include master suites with garden tubs, nine-foot ceilings and vaulted ceilings, barbecue and picnic areas and a heated swimming pool with a lap lane.
Richland, Wash. is approximately 137 miles from Spokane and 171 miles from Seattle.
Contact: Stacey Corso, Public Relations Manager, (212) 430-5100
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