CBRE Completes $52 Million Sale of CityZen Commons in Kent, Wash.

CBRE announced the $52 million sale of CityZen Commons, a 177-unit multifamily property in Kent, Wash., to ColRich. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto represented the seller, The Jacobson Company, a leading private real estate investment and management company.

Built in 1980, CityZen Commons is located on 7.8 acres at 10925 SE 259th Street. The 23-building community has one-bedroom and two-bedroom floorplans with an average apartment size of 810 sq. ft. Amenities include a fitness center, dog park and swimming pool. Additionally, each home has a private patio or balcony and an in-home washer/dryer.

“CityZen Commons attracted interest for its suburban location near large employers and the potential to add value to the property through renovations. Tight vacancy and limited new apartment supply in the Kent Valley also made it compelling,” said Eli Hanacek, vice chairman, CBRE.

The Kent Valley is a global aerospace and advanced manufacturing hub less than 30 minutes south of downtown Seattle and Bellevue. The community is a short commute from some of the Puget Sound region’s largest employers, with more than 250,000 jobs within a six-minute drive of the property.

“We strategically acquired this asset in 2018 after seeing significant opportunity to maximize rent potential by enacting our proven value-add program," said Larry Jacobson, president and CEO of The Jacobson Company. “It is always a pleasure working with our friends at CBRE, and the results of our teamwork proves that. CityZen Commons was a home run for our investors, generating an IRR of 30% and significant cash flow for our investors.”

About The Jacobson Company

The Jacobson Company is a real estate investment company that specializes in acquiring and operating multifamily, student housing, and commercial properties. The company has a 50-year tradition of successfully acquiring and operating conventional multi-family, student housing and commercial properties and providing investors with stellar returns in the form of distributable cash flow, optimizing the operating performance of its assets, and realizing appreciation over time.