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Sterling Ridge

Kent, WA

116 Units

Built in 1985

Value Add

Investment Highlights

  • Value-Add Investment Opportunity: Ability to capitalize rental upside by completing unit renovations to achieve a contemporary and harmonized standard.
  • Excellent Physical Plant: Attractive curb appeal which has been meticulously maintained throughout ownership. Extensive exterior and common area improvements were recently done.
  • Large Floor Plans, Balanced Unit Mix: Offering one-bedroom homes with ±720 square feet, two-bedroom homes with ±930 square feet, and three-bedroom homes with ±1,132 square feet.
  • 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 SEA International Airport are all within 15 minutes.
  • Strong Submarket Growth: Per CoStar, Kent's forecasted rent growth is 4.2% in 2024. Over the past several years, rent growth in Kent has been amongst the highest in the Seattle MSA, given its affordability and coupled with its close proximity to multiple employment hubs and suburban amenities.
  • Housing Affordability: The average single-family home price in South King County is $658,205, making homeownership over twice as expensive than renting at Sterling Ridge.

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