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$18.825 Million Multifamily Asset Changes Hands in West Seattle

November 25, 2019
Willowcrest

SEATTLE, Nov. 25, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of  Willowcrest, a 75-unit apartment property in West Seattle. The property sold for $18.825 million, which represents $251,000 per unit.

 

“Offered to the market for the first time by the original developer, Willowcrest provides the new owner with a straightforward value-add strategy in one of the top multifamily investment markets in the nation,” said Philip Assouad, IPA senior managing director. Assouad, Giovanni Napoli, Ryan Dinius, and Sidney Warsinske represented the seller, Investco, and procured the buyer, Raymond Capital Advisors.

 

Built in 1988 on almost two acres, the property is one block off Delridge Way SW, a main West Seattle thoroughfare. Seattle’s central business district, Renton, Seattle-Tacoma International Airport, and Kent Valley are all within 10-to-20 minutes of the community.

 

Shopping, dining, groceries, and parks are five-to-10 minutes away. Southport, a 700,000- square-foot Class A waterfront office development, is minutes away in Renton. Willowcrest’s unit mix is all one- and two-bedroom apartments that average approximately 780 square feet. All units have wood-burning fireplaces, full-size washers and dryers and a private patio or balcony.

 

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About Institutional Property Advisors (IPA)

With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.

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