Home Finance 112-Unit Marq West Seattle Apartments Trade in $24MM Equity Deal

112-Unit Marq West Seattle Apartments Trade in $24MM Equity Deal

CWS Capital Partners, Seattle, Marq West Seattle, Housing Diversity Corporation, Squire Park, Oxford Properties Group, Ponte Gadea, Kiara

By Catherine Sweeney 

In the past couple of months, the Seattle multifamily market has seen a number of properties trade hands. In one recent deal, a 112-unit apartment building sold for $24 million, or approximately $214,285 per unit, according to public records. The property traded in what appears to be an equity deal as both the buying and selling entities are affiliated with CWS Capital Partners.  

The apartment community, also known as Marq West Seattle, is located at 3261 SW Avalon Way. Apartments.com shows that the six-story building was built in 2014 and contains a mix of studio, one- and two-bedroom apartments ranging in size from 407 square feet to 935 square feet. Rental rates at the property also range in price from $1,449 to $4,770 per month. 

In addition to the residential space, the property also features a number of community amenities, including a clubhouse, 24-hour fitness center, outdoor lounge area, a fenced-in dog park, bicycle storage and more. 

Located in West Seattle, the property is across from the West Seattle Stadium as well as the West Seattle Golf Course. The apartment building is surrounded by a number of other apartment buildings and is also near a number of retail and dining amenities. 

In addition to the recent deal, the Seattle multifamily market has seen several other recent deals. In one transaction, an entity linked to Housing Diversity Corporation acquired an eight-story apartment building in Seattle’s Squire Park neighborhood for $27.5 million, or about $257,009 per unit, according to previous reporting from The Registry. The apartment building is located at 500 Broadway and contains 107 residential units. 
In another transaction that took place earlier this month, Oxford Properties Group sold the 461-unit Kiara apartments for $322.7 million, or about $700,000 per unit. The building is located at 111 Terry Ave. N and was sold to an entity affiliated with Ponte Gadea, the real estate arm of a private high-net worth capital source based in Spain.