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Multifamily

Park Place Apartments

650 George Washington Way, Richland, WA 99352

Listing Price: $37,000,000

Cap Rate
4.67%
Occupancy
97.0%

Investment Overview

Park Place Apartments is a brand-new multi-family complex situated in the heart of Richland, WA. Completed in 2021, it is the first mixed-use, mid-rise property to be built in the Tri-Cities. The complex has 106 units filled with a mix of studios, one, and two bedroom units with an average of 757 SF per unit. Unit amenities include a private deck, quartz countertops, luxury flooring, smart locks, views, washer/dryer, LED lighting, central heating and cooling. Site amenities include a number of firsts for the Tri-Cities including an elevator, underground parking, electric car charging stations and fiber internet. Other site amenities include interior hallways, fitness center, monitored security cameras, conference room, café lounge, sparkling pool and a large jacuzzi. Park Place totals 79,210 net rentable square feet with two additional 3,360 SF retail buildings. Park Place has a Walk Score of 73, making it very walkable. The apartments are nestled along Howard Amon Park, the finest park in the Tri-Cities. The park gives visitors access to nearby tennis courts and the Columbia River waterfront. The park also hosts the American Empress, the largest riverboat west of the Mississippi River. Across the street from Park Place is The Parkway, a street filled with shops and restaurants. With easy access to I-182, the highway quickly connects Park Place residents to the rest of the Tri-Cities. The Tri-Cities boasts a robust and rapidly growing economy, with a highly educated population and the fast growing workforce in the state. Driven largely by R&D technology, manufacturing, health care and food processing, the area has seen significant job growth in recent years. In 2019, the Tri-Cities ranked as one of the highest job growth markets in the state of Washington with a 5-year employment increase of 18.3%. Tri-Cities are home to major science and research facilities such as the Pacific National Laboratory and Kadlec Regional Medical Center. Other major employers include Lockheed Martin, Bechtel National and U.S. Department of energy. Due to a high concentration of R&D jobs, Tri-Cities’ average household income is $88,108. The three cities function as the center of the MSA, which has a population of 305,338 as of 2021. Since 2010 the region has experienced tremendous population growth, with a 34% growth rate for the Tri-Cities MSA. Park Place Apartments is well positioned to capture a pool of renters seeking the peak living experience in the Tri-Cities. With its best-in-class residences and location, Park Place offers an investor the opportunity to capitalize on the Tri-Cities growing demand for luxury housing.

Investment Highlights

  • FIRST AND ONLY IN THE TRI-CITIES
  • HIGHLY DESIRED LOCATION
  • STRONG TENANT BASE

Exclusively Listed By

Financing By

Multifamily

Park Place Apartments

Listing Price: $37,000,000

Cap Rate
4.67%
Occupancy
97.0%

Investment Highlights

  • FIRST AND ONLY IN THE TRI-CITIES
  • HIGHLY DESIRED LOCATION
  • STRONG TENANT BASE

Investment Overview

Park Place Apartments is a brand-new multi-family complex situated in the heart of Richland, WA. Completed in 2021, it is the first mixed-use, mid-rise property to be built in the Tri-Cities. The complex has 106 units filled with a mix of studios, one, and two bedroom units with an average of 757 SF per unit. Unit amenities include a private deck, quartz countertops, luxury flooring, smart locks, views, washer/dryer, LED lighting, central heating and cooling. Site amenities include a number of firsts for the Tri-Cities including an elevator, underground parking, electric car charging stations and fiber internet. Other site amenities include interior hallways, fitness center, monitored security cameras, conference room, café lounge, sparkling pool and a large jacuzzi. Park Place totals 79,210 net rentable square feet with two additional 3,360 SF retail buildings. Park Place has a Walk Score of 73, making it very walkable. The apartments are nestled along Howard Amon Park, the finest park in the Tri-Cities. The park gives visitors access to nearby tennis courts and the Columbia River waterfront. The park also hosts the American Empress, the largest riverboat west of the Mississippi River. Across the street from Park Place is The Parkway, a street filled with shops and restaurants. With easy access to I-182, the highway quickly connects Park Place residents to the rest of the Tri-Cities. The Tri-Cities boasts a robust and rapidly growing economy, with a highly educated population and the fast growing workforce in the state. Driven largely by R&D technology, manufacturing, health care and food processing, the area has seen significant job growth in recent years. In 2019, the Tri-Cities ranked as one of the highest job growth markets in the state of Washington with a 5-year employment increase of 18.3%. Tri-Cities are home to major science and research facilities such as the Pacific National Laboratory and Kadlec Regional Medical Center. Other major employers include Lockheed Martin, Bechtel National and U.S. Department of energy. Due to a high concentration of R&D jobs, Tri-Cities’ average household income is $88,108. The three cities function as the center of the MSA, which has a population of 305,338 as of 2021. Since 2010 the region has experienced tremendous population growth, with a 34% growth rate for the Tri-Cities MSA. Park Place Apartments is well positioned to capture a pool of renters seeking the peak living experience in the Tri-Cities. With its best-in-class residences and location, Park Place offers an investor the opportunity to capitalize on the Tri-Cities growing demand for luxury housing.

Exclusively Listed By

Financing By

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