$53 Million North Seattle Multifamily Asset Sold by IP
SEATTLE, May 24, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Origin Apartments, a seven-story, 153-unit multifamily asset in Seattle. The property sold for $53 million, which equates to $346,405 per unit.
“The purchase fulfilled a 1031 exchange,” says Kim Grant, IPA senior director. Grant represented the buyer, JB Matteson.
The Seattle-Tacoma metro’s robust and diverse economy draws approximately 100 people to the area every day, and residents both new and established show a high propensity for renting, which has been a boon to multifamily property owners. Constructed in 2017, Origin is located at 12311 32nd Ave. NE in Seattle’s Lake City neighborhood. Nearby major employers include Amazon, Boeing, the University of Washington, and Microsoft. The studio, one-, and two-bedroom apartments average 750 square feet and feature a variety of floorplans. Shared amenities include a rooftop deck, an outdoor dog park and gated underground parking.