Two-Property Multifamily Portfolio Trades Hands in Central-Eastern Washington State
WENATCHEE, Wash., Dec.18, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the $28,325,000 sale of a two-property multifamily portfolio in Wenatchee, Washington. The properties are Castlerock Apartments, a 139-unit asset that sold for $20.1 million, or $144,604 per unit, and Pacific Village Apartments, which has 64 units and traded for $8,225,000, which represents $128,516 per unit.
“The capital migration trend from primary markets to secondary and tertiary markets in Central-Eastern Washington like Wenatchee has intensified this year,” said Zach Howe, first vice president investments in Marcus & Millichap’s Seattle office. “Wenatchee’s population has grown significantly since 1990 and median household income in the city is projected to grow 11.4% by 2021.” Howe represented the seller, Quality Pacific Inc. and procured the buyers. Castlerock Apartments was purchased by Castlerock Wenatchee 139 LLC and Pacific Village-Wenatchee LLC acquired Pacific Village. Ray Allen and Seth Heikkila of Marcus & Millichap Capital Corporation (MMCC) arranged $5,346,000 in fixed-rate financing for the acquisition of Pacific Village.
The properties are located two miles from each other near Washington Elementary School and Wenatchee Valley College. Mission Ridge Ski Resort is 13 miles away. Major employers in Wenatchee include Wenatchee Valley College, Washington Department of Transportation, Walmart, and Central Washington Health Services Association. Fourteen-building Castlerock Apartments was built in 1976 on nine acres and expanded in 2001. Pacific Village is a six-building community constructed on 3.5 acres in 1972.
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With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.