FPA Multifamily has acquired The Groves Apartments, a 366-unit multifamily property in Kent, Wash. The $72 million sales price equates to $196,721 per unit.
The property’s connectivity to Interstates 5 and 405 and State Routes 167, 181, 509 and 516 provides residents with convenient access to downtown Seattle; Bellevue, Wash.; Kent Valley; Renton, Wash.; and Seattle-Tacoma International Airport. The Kent Transit Center and Sounder commuter train, which provide bus and rail service to downtown Seattle, are approximately 2 miles from the property. Kent Station, a 20-acre open-air mixed-use development with shopping, dining, entertainment and office space, is nearby.
Built in 1980 on more than 20 acres, The Groves Apartments comprises 30 two- and three-story residential buildings, a newly renovated clubhouse, an outdoor heated swimming pool, a children’s playground and two dog parks. The property offers one-, two- and three-bedroom apartments with an average unit size
