Updated Dec 4, 2024
Prime Residential Acquires 111-Unit Trellis Apartments In Federal Way For $32.4M
2120 Southwest 352nd Street
$32,400,000
$286/SF
Building Size
113,000 SF
Asset Type
MultiFamily
Closing
Sep 20, 2023
About this deal
AI
The Trellis apartments, located at 2120 Southwest 352nd Street in Federal Way, Washington, have been sold for a price of $32.4 million. The multifamily property consists of 111 units, with a price per unit of $291,892. The total square footage of the property is 113,000, resulting in a price per square foot of $287.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $32,400,000
- Units: 111
- Price Per Unit: $291,892
- Square Footage: 113,000
- Price Per Square Foot: $287
- Address: 2120 Southwest 352nd Street, Federal Way, WA
Prime Residential, a San Francisco-based company, has expanded its presence in the Puget Sound multifamily market with the acquisition of the Trellis apartments. The deal was facilitated by the brokers Giovanni Napoli, Nicholas Ruggiero, and Philip Assouad from Institutional Property Advisors.
Players
San Francisco MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Deal FAQ
About $286 per square foot on a published $32.4M for 113,000 square feet (2023).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.49%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93