AN APARTMENT COMMUNITY WITH VALUE-ADD POTENTIAL

Kidder Mathews is pleased to present the Brandon Place Apartments for sale. A truly best-in-class 28-unit opportunity located in Maple Valley, Washington.

DISCOVER BRANDON PLACE

Originally designed as condos, Brandon Place Aparments was built in 2009 and consists of twentyeight spacious 3-bedroom and 2-bathroom units spanning 1,300 SF per unit. Sitting on just over 2.4 acres, this low-density community is spread across five residential buildings with amenities that include a community BBQ area, playground, and twentyeight separate garage/storage units. Each unit is thoughtfully laid out and includes modern appliances, an in-unit washer/dryer, an electrical fireplace, spa-like bathrooms with two sinks, spacious showers, and a deep soaking bathtub.

VALUE-ADD INVESTMENT

Brandon Place offers investors the rare opportunity to purchase a performing asset while simultaneously providing value-add potential for new ownership. Each unit can support significant cosmetic upgrades that include, but are not limited to, stainless steel appliances, stone countertops, updated lighting, painting, doors, trim and flooring, and paint. Through recommended improvements, Brandon Place has the potential to achieve market rents over $300 higher than in-place averages.

Conveniently located a few minutes from Highway 18, Brandon Place residents enjoy seamless access to major transit and the booming local economy seen over the past 10 years in the Maple Valley region.

LISTING DETAILS

Price Market pricing
Bid Date Reviewing upon receipt with final review date TBD
Terms Loan assumption or conventional financing

OFFER REQUIREMENTS

All offers must be submitted to Austin Kelley and Ben Norbe, and must include the following terms and information:

  • Purchase Price
  • Earnest money deposits, including nonrefundable portion and timing of deposits
  • Timing for due diligence & post-diligence closing period
  • Source of funds for acquisitions

PROPERTY SUMMARY

Address 24331 228th Ave SE, Maple Valley
No. of Units 28
APN 212206-9091
Year Built 2009
Unit Finishes Newer construction/original finishes
Land Size 105,180 SF / 2.42 AC
No. of Garages 28
Approx NRSF 36,400 SF
Avg Unit Size 1,300 SF
Foundation Slab on grade
Roof Composition shingle
Plumbing PVC
Electrical Copper


 

ASSUMABLE DEBT OFFERING

Brandon Place has existing financing that is assumable to new ownership. The current interest rate is 3.94% and fixed through 2029, well under new debt offered in the marketplace.
 

VALUE-ADD POTENTIAL

All 28-unit consist of original finishes that can support major cosmetic upgrades and push monthly rental premiums. We estimate $300 over current averages are achievable through suggestions interior improvements.
 

AGE OF BUILD

Constructed in 2009, Brandon Place is built to last. Holding all modern property systems, this 28-unit offering is well positioned for extremely limited capital expenditures for many years to come.
 

LOW TURNOVER & VACANCY

Due to spacious 1300 SF units, quality of building, and central location — residents of Brandon Place rarely want move. Over 60% of current tenants having been there over two lease terms, trailing vacancy over past 12-months is 2.89%.
 

LOCATION & SUPPLY

Since 2000, Maple Valley is one of the fastest growing cities in all of Washington. Between 2000 – 2017 Maple Valley saw in increase in residents of 64%, since 2017 alone - the City is up 10% in population. With only one new building totaling 72-unit completed in the last two years, there remains a major imbalance of supply and demand in the market.
Kitchen
Bathroom
Living Room
Bedroom
Dining
Laundry

Renovated units have potential to achieve market rents over $300 higher than in-place avg.

MAPLE VALLEY —
A FRIENDLY & THRIVING CITY

Maple Valley is one of the fastest growing market areas in Washington State. From 2000 - 2010 the City grew nearly 63% - the 17th fastest growing city in the State during that period.

Current population estimates are 28,700, up over 10% since 2017 and with consistent market predictions of long-term growth. Anchored by top employers that include, Boeing, Amazon, Expedia, Adobe, REI, Microsoft, Google, and Costco – the market is well-positioned for economic expansion. Located right by HWY 18, residents of Brandon Place are minutes from transit, jobs, and entertainment.

High percentages of residents are college-educated, and approximately 75% of adults have post-secondary education. In addition, the estimated median income in Maple Valley is $142,214 per household. High household earnings and comparatively low cost of housing provide Maple Valley residents, on average, with more disposable income.

Within easy driving distance from Maple Valley, higher education opportunities are found at Green River Community College, Renton Technical College, and the University of Washington, to name a few. It is located about 30 minutes east of Seattle and Tacoma.

Maple Valley is a thriving and growing community that embraces education and community and the opportunities that they bring.

22,796

MAPLE VALLEY POPULATION (2010)

27,962

MAPLE VALLEY POPULATION (2020)

22.6

PERCENT INCREASE

Due Diligence

Please register to gain access to the due diligence documents.

Register