The Jacobson Company sells 177-unit multifamily community in Kent, Wash.

The Jacobson Company, a private real estate investment and management company, has sold CityZen Commons, a 177-unit multifamily property in Kent, Wash., the fourth-largest city municipality in greater Seattle, for $52 million. The firm acquired the asset for $28.1 million in 2018.

“We strategically identified this asset as a value-add opportunity in a growing submarket that demonstrated the core fundamentals we look for when evaluating a community,” said Larry Jacobson, President and CEO of The Jacobson Company. “After acquiring the asset, we executed our proven renovation plan of upgrading units, painting, adding architectural highlights, enhancing the clubhouse, major relandscaping, and optimizing management.  As a result of our physical and operational improvements, we were able to maximize rent potential in a thriving workforce submarket of Seattle and achieve an internal rate of return of 30 percent and generate significant cashflow for investors.”

Acc