Properties Recently Sold
Valley Manor
$5,950,000
Valley Manor Apartments
815 N Baker Ave, East Wenatchee, WA
50-Unit
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 Rate | 5.82% |
Built | 1995 |
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