CBRE Arranges Sale of The Carriages at Fairwood Downs

CBRE has arranged the sale of The Carriages at Fairwood Downs, a 400-unit multifamily community in Renton, WA to an undisclosed buyer in a transaction that closed December 21, 2023. A sale price was not disclosed.

Eli Hanacek, Mark Washington, and Kyle Yamamoto with CBRE’s Pacific Northwest multifamily team represented the sellers, Sequoia Equities, Inc., in the transaction.

Built in 1988, The Carriages at Fairwood Downs is located at 15030 SE 179th Street. The garden-style community comprises of 37 buildings with one-, two- and three-bedroom floorplans, averaging 1,093 square feet. Additionally, the property offers 196 townhomes. The community provides an extensive amenity package with a swimming pool and spa, movie theater, cabana with BBQs and fire pits, dog park, sauna, fitness center and resident clubhouse.

“This high-quality offering presented investors with a unique condo quality designed asset in a location with strong demographics and rental demand,” said Eli Hanacek. “The highly visible location and access to the region’s major employers generated a great deal of interest in the property.”

The property sites on 28.48 acres in Renton’s prestigious Fairwood neighborhood. It is located within a short drive to numerous retail amenities, including The Landing, Westfield Southcenter, and Kent Station. Tenants also have quick access to I-405 via the Maple Valley Highway, and Bellevue and I-90 corridor employment centers, as well as Boeing and Paccar’s manufacturing facilities. Additionally, the expanding downtown Seattle CBD and Bellevue employment hubs where 800,000+ jobs reside are less than a 30-minute commute.