Ridgegate was acquired as part of a 14-property multi-state portfolio. Located along the ridge of the east hill of Kent, the property is only a few miles south of the Boeing Renton Plant, where the 737 production facility is ramping up production from 42 planes per month to 52 by 2018. The property is also a quick drive away from the new Kent Station lifestyle and entertainment center, the Sounder Train, and the I-405. TruAmerica will elevate the status of this community and position it amongst the better rental options in the City by spending $3 million in various interior and exterior renovations.
The blended acquisition cap rate of the portfolio was far higher than those of market comparable sales.
Ridgegate is located just 2 miles from Route 167 and 5 miles from I-5 in the East Hill area of Kent, WA. Close to several of the area’s popular parks and major employers, residents are never far away from the action.