The Cove apartments purchased for $23 million

Business Examiner reports: Weidner Apartment Homes of Kirkland has purchased The Cove apartments in Federal Way from Prometheus Real Estate Group for $23 million. The 20-acre, 312-unit complex is in the West Campus neighborhood, which is linked to The Commons shopping complex and Twin Lakes by the BPA trail. "Buyers believe that the bottom of the rental market is finally appearing on the horizon," said Jon Hallgrimson, senior vice president with C.B. Richard Ellis, who brokered the deal on behalf of Prometheus. "We should see sales velocity gradually pick up over the course of 2010."

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