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| Elliott Bayview Apartments, Seattle, WA |
SEATTLE, WA – Marcus & Millichap Real Estate Investment
Services, the nation’s largest real estate investment services firm, has
arranged the sale of Elliott Bayview Apartments, a 41-unit apartment
building in Seattle.
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| Timothy McKay |
The $14,650,000 sales price equates to $357,317 per unit and
$518 per square foot. The price per square foot is the highest ever achieved by
a multifamily property of less than 100 units in Seattle.
Timothy
McKay, senior associate, and Daniel Chhan, associate, both in the
Seattle office of Marcus & Millichap, represented the seller, a local
developer, and the buyer, a Los Angeles-based family investment company.
“This transaction perfectly highlights the firm’s ability to
move capital around the country, with particular emphasis on the West Coast in
this case,” says McKay.
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| Daniel Chhan |
“We began working with the property’s developer about
halfway through the construction process and over the span of approximately 120
days we spoke with a number of local, regional and national apartment buyers.
“Ultimately, we reached out to a representative of the
buyer, whose company was in a 1031 exchange,” adds McKay. “The transaction
progressed smoothly and we closed on time; just 44 days following the effective
date.”
“Multifamily property investors target Seattle because of
its extremely strong local economy and high barriers to entry,” concludes
Chhan.
Constructed in 2012, the 28,296-square foot property is
located at 151 John St. in Seattle’s Queen Anne neighborhood.
For a complete copy
of the company’s news release, please contact:
Ben Johnson,
Marketing Director
(925) 953-1736
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