Eastside Seattle Multifamily Asset Acquisition Brokered by Institutional Property Advisors
WOODINVILLE, Wash., — Dec. 2, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the acquisition of Chateau Woods, a luxury 114-unit multifamily asset in Woodinville, Washington. The property sold for $45.75 million, which equates to $401,316 per unit.
“Strong rental demand in sought-after suburban locations like Woodinville continues to drive the multifamily investment market during the pandemic,” said Giovanni Napoli, IPA senior managing director. “Chateau is a best-in-class asset and that, along with the dynamic Eastside employment coming down the pike and its suburban setting made it an attractive, long-term acquisition for Sack Properties.”
Napoli, Philip Assouad, Ryan Dinius, and Sidney Warsinske represented the buyer, a Sack Properties partnership in this transaction. BPM Real Estate Group was the seller.
Chateau Woods is approximately 15 minutes from the region’s technology hubs of Bellevue, Redmond, Kirkland and Seattle. Nearby employers include Amazon, Microsoft, Google and Facebook, all of which are expanding their physical footprint on the Eastside. Built in 2008, Chateau Woods is a condo-quality asset with high-end finishes. The elevator-served community also has a resident clubhouse, a 24-hour fitness center, bike storage and outdoor courtyards with dining and barbeque areas.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com
About Sack Properties
Founded in 1958, Sack Properties is a woman-owned, vertically integrated, private real estate company that focuses on the acquisition, improvement, management, and disposition of a broad range of multifamily properties in the western U.S. Based in San Francisco, the firm specializes in Class B multifamily properties in prime infill locations that could benefit from capital investment and improved management. The firm’s current portfolio includes approximately 2,500 apartments and condominiums in 15 cities on the west coast. The firm is committed to sustainable building practices such as water conservation, energy efficiency, green building upgrades, and more. For more information, visit www.SackProperties.com.
About BPM Real Estate Group
BPM Real Estate Group (“BPM”) was founded by Walter C. Bowen in 1980. Active across multiple sectors and markets, BPM can enhance the value of its properties with superior design, intelligent development, superior customer focused property management and efficient partnerships. Dedicated to enriching lives and inspired built environments, BPM represents an unwavering commitment to quality in all aspects of a project. From concept to completion, its holistic approach unlocks value for both tenants and owners.