Investment Overview

The Pacific Northwest Investment Sales Team of IPA has been retained as the Exclusive Listing Brokers for the sale of Easthill Apartments, a 120-unit multifamily community in Kent, Washington, just 35 minutes from downtown Seattle and Bellevue. The low-density property is situated off State Route 516 in a quiet, park-like setting with convenient access to area amenities. Easthill presents a straightforward value-add opportunity through unit interior and community enhancements.

Easthill benefits from exceptional regional connectivity at the confluence of Puget Sound’s major freeways and arterials, with easy access to Interstates 5 and 405, as well as State Routes 167, 181, 509, and 516. This central location offers one of the best access points to the region’s largest employment centers, including downtown Seattle, Bellevue, Kent Valley, Renton, and Seattle- Tacoma International Airport, all within five to 35 minutes. The Kent Transit Center and Sounder Commuter Train are less than three miles away, providing direct bus and rail service into downtown Seattle.

Residents also enjoy proximity to major retail and lifestyle destinations. Kent Station, a 20-acre open-air mixed-use development featuring shopping, dining, entertainment, and office space, is less than 10 minutes from the property. Anchors include AMC Theatres, Duke’s Seafood, Mama Stortini’s, LOFT, and Road Runner Sports, with additional dining and retail options connected by a pedestrian boardwalk to the Kent Transit Center.

Value-Add Investment Opportunity

Significant rental upside through interior and common area renovations. Of the 120 units, 82 remain in classic condition and 38 have only received light upgrades, creating a clear path to higher rents with straightforward enhancements such as new cabinets, updated appliances, vinyl plank flooring, and fresh paint. Additional opportunities exist to upgrade the clubhouse and refresh exterior elements to further elevate rent potential.

Large Floor Plans, Balanced Unit Mix

Thoughtfully designed one-, two-, and three-bedroom homes averaging ±916 square feet, featuring oversized windows, large decks or patios, and generous storage space. The community also includes 10 townhomes on site.

Well-Maintained, Low-Density Community

Long-term private ownership has diligently maintained the property and grounds. Low density community with sprawling lawns, mature landscaping, and paved walking trails. Only 14.2 units per acre, offering residents a spacious and serene living environment.

Easy Access to Major Employment Hubs

Centrally located from the main employment hubs of downtown Seattle, Bellevue, and the Eastside (25 to 35 minutes). Kent Valley, Renton, and Seattle-Tacoma International Airport are all within 15 minutes. The Sounder Commuter Train offers a convenient commute to downtown Seattle with Kent Station less than three miles from Easthill.

Housing Affordability

The average single-family home price in Kent is $653,973, making homeownership over twice as expensive than renting at Easthill. Amid rising interest rates and limited for-sale housing supply, rental living continues to offer a more accessible option for residents.