CBRE Completes Sale of Newly Constructed Suburban Apartments in South Puget Sound
17 Dec 2021
CBRE has completed the sale of 207 East, a newly constructed apartment community in Edgewood, Wash., to Security Properties. Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto with CBRE Pacific Northwest Multifamily group in Seattle represented the seller, The Wolff Company.
Built in 2020, 207 East has 288 apartment homes with one-, two- and three-bedroom floor plans and an average unit size of 892 sq. ft. The property has 14 buildings on 16 acres. Community amenities include a resort-style pool, spa and sundeck; multiple clubhouse lounges; a community kitchen with espresso bar; a 24-hour fitness center; a yoga studio; and co-working pods.
“207 East represents best-in-class suburban new construction with spacious units and top-of-market amenities. Edgewood has historically low multifamily vacancy and very few new apartment projects in the construction pipeline, which will help sustain long-term demand for 207 East,” said Mr. Hanacek, vice chairman, CBRE.
The property is located at 207 Meridian Ave. E. in Pierce County. It is within walking distance of Surprise Lake Square retail center and a short drive from the employment hubs in Tacoma, Seattle, Bellevue, Kent Valley, and Joint Base Lewis–McChord.
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.