Challenges
- Banks on Bradley was a brand-new 144-unit asset in central Richland that had never traded before — there was no comparable sale to anchor pricing for a property of this scale and quality in the submarket.
- The property was only 88% occupied during marketing, meaning buyers had to underwrite lease-up risk on top of acquisition cost — a significant hurdle in a market where lenders scrutinize stabilization timelines.
- Initial pricing guidance started near $40M, but the first buyer group that reached $39M backed out during the purchase and sale agreement phase, forcing a full restart of the marketing process.
- Washington State's energy code required all-in-one washer/dryer units across the property, an unfamiliar feature to many out-of-state buyers that raised questions about long-term maintenance and tenant appeal.
- Parking constraints on site created additional buyer concerns about the property's tenant retention capacity at premium rents.
Action
After the initial buyer fell through, the Multifamily Mason team reset the marketing campaign with refined pricing guidance near $37M, repositioning the asset to attract a broader pool of qualified investors while still protecting the seller's objectives.
Our team ran a comprehensive outreach campaign targeting institutional buyers, DST sponsors, and regional developers — the buyer pool for a $34M+ new construction asset is narrow, and each conversation required deep knowledge of the Richland submarket, lease-up trajectory, and construction quality to build buyer confidence.
We highlighted the property's walkable location in central Richland — near dining, retail, and the Columbia River waterfront — as a key differentiator versus competing new construction in more suburban locations. This lifestyle-driven positioning resonated with buyers underwriting long-term rent growth.
Our team coordinated closely with the property management group, Avenue 5, to provide real-time leasing velocity data to prospective buyers during due diligence, demonstrating that the asset was on a clear path to stabilization.
The eventual buyer was an LA-based DST equity partner paired with a developer out of Eagle, Idaho — a structure that required our team to navigate multiple decision-makers and ensure both parties were aligned on pricing, timeline, and property condition.
Results
- Closed at $34,500,000 — $239,583 per unit — after recovering from a failed first buyer and resetting the entire marketing process
- Achieved a 5.5% year-one cap rate and 5.96% stabilized cap rate, validating premium new construction pricing in the Tri-Cities
- Sold at 88% occupancy, with buyers confident in the lease-up trajectory based on the data and submarket insights our team provided
- Demonstrated that new construction assets in the Inland Northwest can command institutional-quality pricing when positioned with the right market story and buyer outreach
Sale Details
- Property Name: Banks on Bradley
- Location: Richland, WA
- Close Date: November 2025
- Units: 144
- Sale Price: $34,500,000
- Price per Unit: $239,583
- Year-One Cap Rate: 5.50%
- Stabilized Cap Rate: 5.96%
- Occupancy at Sale: 88%
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