Properties Sold

Valley Manor
$5,950,000

Valley Manor Apartments
815 N Baker Ave, East Wenatchee, WA
50-Unit

 

The Foundation Group is pleased to announce the closing of the Valley Manor Apartments in East Wenatchee, WA.  Aaron Locke and I represented the buyer of this 50-unit low-income tax credit (LITC) apartment community which made up of a unique mix of fifteen 2Bed/1Bath units (806S SqFt), twenty-five 3Bed/2Bath units (1,019 SqFt), and ten 4Bed/2Bath units (1,192 SqFt).  Unit amenities include parking, washer/dryer hookups, and small park setting adjacent to the complex.   East Wenatchee has seen 8%+ rental growth in the past 12-months and the new owner plans to increase rents just slightly to match market rates.  The Valley Manor Apartments closed at $5,950,000 which put the deal at a 5.82% day-one cap rate.   Coast Property Management, who specializes in LITC buildings will be the asset manager on-site. 

 

Current Cap Rate5.82%
Built1995
Price per SqFt$120
Price per Unit$119,000

 

 

Listing Agents

Aaron Locke
P: 206.774.5436
E: Email Aaron

Ethan Szmania
P: 206.774.5419
E: Email Ethan

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