Investment Overview

The Pacific Northwest Investment Sales Team of IPA has been retained as the Exclusive Listing Broker for the sale of The Groves, a 366-unit multifamily community in Kent, Washington. Positioned in Kent’s Easthill neighborhood with convenient access to both Seattle and Bellevue, the property spans nearly 20 acres of landscaped, park-like grounds. The Groves presents a compelling value-add investment opportunity with proven upside, as a significant portion of the capital-intensive improvements has already been completed.

The Groves 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 only two miles west, 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.

Recent Capital Improvements

Current ownership has invested significant capital into the property, including a full amenity package renovation with an updated clubhouse, pool, and fitness center, enhanced landscaping with a new children’s park, new property-wide signage, and interior upgrades in approximately 68% of units featuring high-quality, modern finishes.

Value-Add Opportunity

Opportunity to drive rental upside by completing unit renovations and creating a more consistent, modern finish level across the property. Approximately 32% of units are either in classic condition or were renovated six or more years ago, providing a clear path to further upgrades and rent growth.

Expansive Amenity Package

Unrivaled amenities package including stand-alone amenity buildings including a newly renovated clubhouse and leasing center with adjacent outdoor heated pool and BBQ area and a state-of-the-art fitness center Additional amenities include co-working spaces, two dog parks, and an expansive children’s playground.

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 within two miles of The Groves.

Housing Affordability

The average single-family home price within The Grove’s zip code is nearly $680,000, making homeownership 57% more expensive than renting at The Groves. Amid rising interest rates and limited for-sale housing supply, rental living continues to offer a more accessible option for residents.