Northmarq’s Seattle Multifamily Investment Sales team completes $19.94M sale of Richland Court apartments

RICHLAND, Wash. (Jan. 30, 2025) — Northmarq’s Seattle Multifamily Investment Sales team led by Tyler Smith, Joe Kinkopf and Steve Fischer successfully completed the $19.94 million sale of Richland Court, an 88-unit garden apartment located at 2433 George Washington Way in Richland, Washington.

Northmarq represented the seller, KEI Apartment Fund 9, LLC. The buyer was BLV-Richland Court LLC.

“The recent buyer acquired this meticulously maintained asset as part of a multi-part 1031 exchange, Smith said. “This closing represents a significant milestone in the market, serving as a strong indicator of the it's resilience in a post interest rate hike environment.”

Built in 1994, Richland Court features one-, two- and three-bedroom units and includes 142 parking spaces — 10 garage, 24 carport and 108 surface spots. Apartment amenities include a full-sized washer and dryer, air conditioning, a balcony, fireplace, microwave, oven, vaulted ceiling and ADA-accessible rooms.

Community amenities include on-site maintenance and management, a community clubhouse, seasonal pool, fitness center, package receiving, recreation center, spa and tanning bed. The facility is pet-friendly.

Located in the Tri-Cities, Richland Court is situated in a bustling community with access to restaurants, museums, public parks, performing arts and more within a short drive. It is blocks from the Columbia River. The apartments have nearby access to Washington State Route 240 and is within driving distance of state and national parks. The property is a three-hour drive from Downtown Seattle.