The first phase of a new high-end multifamily development on the edge of downtown Kent has sold for $113 million to a Hawaii businessman and University of Washington benefactor.
King County on Friday posted two affidavits listing a limited liability company controlled by investor and philanthropist Jay Shidler, founder of Honolulu-based the Shidler Group as the new owner of the first phase of Ethos Apartments. The project, which will have 492 units when completed, is a joint venture of Auburn-based Landmark Development Group and HAL Real Estate of Seattle.
While $113 million is a big price for a multifamily asset in Kent, this is only the first phase of the deal.