CBRE Arranges Sale of 575 Columbia Multifamily Complex in Richland, WA
17 Dec 2018
CBRE has facilitated the sale of 575 Columbia, a 94-unit, 77,700 sq. ft., multifamily property located in Richland, WA.
Phil Oester, Joe Nydahl and Josh McDonald of CBRE’s Portland office represented the seller, Evergreen Housing Development Group.
“The Tri-Cities multifamily market is very strong with current occupancy at 97 percent city wide. In addition, year over year rent growth is a robust 8.9 percent,” said Phil Oester, CBRE’s Senior Vice President of Multifamily Capital Markets for the Pacific Northwest.
Built in 2017, 575 Columbia is a retreat-style apartment community, overlooking Columbia Pointe golf course, in a prime location along the Columbia River in Richland, Washington. The property consists of 58 one-bedroom units and 36 two-bedroom units, with a range of amenities including: a resident pool and lounge, and fitness center. Walkable amenities include numerous name restaurants, the River Front Trail, marina and parks. The units are exceptionally accommodating with large floorplans, nine-foot ceilings, quartz countertops and ample storage.
575 Columbia is situated in the bustling Tri-Cities region, strategically located at the confluence of three rivers in Eastern Washington. The Tri-Cities continues to be one of the fastest growing metro areas in the state and acts as a hub for the region’s educational, health and retail needs.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.