value-add investment opportunity in seattle msa | 325 Units
Investment Overview
The Seattle Investment Sales Team of IPA has been retained as the exclusive listing brokers for the sale of the Copper Ridge Apartments, a 325-unit multifamily community centrally located in Renton, Washington within 25 minutes of the powerhouses of Seattle and Bellevue. Copper Ridge presents a true value-add investment opportunity with significant upside within a strong submarket of the Seattle MSA.
Copper Ridge is located at the confluence of Puget Sound’s main freeways and arterials with easy access to Interstate 405 and Interstate 5 and State Routes 167, 169, 515, 518, and 900; providing one of the best access points to the region’s major employers. Downtown Seattle, the Eastside, Renton, Kent Valley, and SEA International Airport are all five to 30 minutes away. The Tukwila Transit Center and Sounder Commuter Train are within three miles of Copper Ridge, offering bus and rail access into downtown Seattle.
The community is also located near several major retail destinations and lifestyle amenities. Southcenter Mall, one of the largest malls in the state, is only 10 minutes away with over 200 shopping and dining destinations. The state’s only IKEA is located five minutes from Copper Ridge, and Kent Station 20-acre mixed-use development with open-air shopping, dining, and office space is only five minutes away.
Executive Highlights
Value-Add Investment Opportunity
True value-add opportunity with most unit interiors retaining vintage finishes. An incoming investor can capitalize on this potential by implementing cosmetic upgrades, allowing for rental premiums of approximately $300 per unit over current in-place rents. Additional enhancements to common areas could further increase value.
Recent Capital Improvements Completed
Well-maintained community with mature landscaping and lush green lawns. Current ownership has recently completed significant capital improvements and upgrades within the last five years, including new roofs, exterior paint, and parking lot striping.
Easy Access to Major Employment Hubs
Centrally located from the main employment hubs of downtown Seattle, Bellevue, and the Eastside (25 to 30 minutes). Kent Valley, Renton, and SEA International Airport are all within 15 minutes. The Sounder Commuter Train offers a convenient commute to downtown Seattle with the Tukwila Station less than three miles from Copper Ridge.
Valley Medical Center (VMC) Within Half a Mile
Largest hospital in South King County with over 4,000 employees located within three minutes of Copper Ridge. VMC retains and attracts remarkable talent due to its competitive pay, top-tier benefits, and robust recognition program.
Strong Submarket Growth
Over the past decade, Renton’s population has steadily grown, with more residents opting for suburban living. Rising home prices have created a high barrier to entry, keeping renters in the market. Rent growth in Renton is forecasted at 6.1% within the next 12 months, highlighting robust demand for rental properties.
Rental Affordability
The average home value in Renton is $755,192, an increase of 6.6% within the past year. With current interest rates, homeownership would be almost three times more expensive than renting at Copper Ridge. As home prices continue to climb and for-sale housing supply remains low, housing affordability continues to remain unfavorable.
community amenities
Resident clubhouse with fireplace lounge, full kitchen and business center
On-site fitness center
Indoor racquetball court
Outdoor heated pool and indoor spa
Children’s playground
On-site laundry facilities
Carports available for lease
apartment home Features
Spacious floor plans with one-, two- and three-bedroom homes averaging ±788 square feet
Whirlpool kitchen appliance packages
Wood-burning fireplaces in two- and three-bedroom homes
Full-size washer / dryers in select homes
Private patio or balcony off each home
Additional storage closets on patios or balconies in select homes
Select buildings are fully sprinklered
