Saturday, October 14, 2017

HFF announces $20 Million sale of 81-unit apartment property in Kent, WA

Arterra Townhomes, Kent, WA                                       (Photo by Red Studio Inc.)   
Ira Virden
PORTLAND, OR –– Holliday Fenoglio Fowler, L.P. (HFF) announces $20 million sale of Arterra Townhomes, an 81-unit, garden-style apartment property in Kent, Washington.

The HFF team marketed the property exclusively on behalf of the seller, a joint venture between PCCP, LLC and Westbridge Properties LLC.  Meter Properties purchased the asset free and clear of existing financing.

Arterra Townhomes features spacious townhome-style units averaging 1,376 square feet with community amenities, including a swimming pool, fitness center, playground, clubhouse and business center.

 The property is situated on nearly five acres at 10031 SE 258th Place in the heart of one of Kent’s major retail corridors placing it less than two miles from the Kent Station mixed-use development, which features office space, a movie theater and numerous retail and entertainment options. 

Christopher Ross
Additionally, Arterra Townhomes offers nearby access to multiple forms of public transportation and major roadways, including Interstate 5 and State Route 167, servicing the Puget Sound area.  The property is 97.53 percent leased.

The HFF team representing the seller included director Christopher Ross and managing director Ira Virden.

“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.  “The large townhome-style units offer residents a unique floorplan that provides an affordable alternative to purchasing a single-family residence.”

 For more information on this press release, please contact:

 Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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