164-units spread among 40 properties traded hands this January for $18,000,000. The portfolio primarily consisted of WWII-era military housing, with assets ranging in size from 2-20 units. Most properties had significant deferred maintenance which was reflected in the sales price of $109,750/unit. The seller was a private individual who owned the properties for many years. The buyers are a group of private investors led by Anne Curry of Anne Curry Homes.
The deal was brokered off-market by Joe Kinkopf, Tyler Smith, and Steve Fischer of Westlake Associates Inc. The seller required the properties to be sold as a portfolio which created a limited buyer pool. The seller received multiple offers in a competitive bid process.
Westlake Associates, Inc. is the premier provider of commercial real estate brokerage services in the Puget Sound Region. Since 1975, the company has built a strong foundation of experience in Investment Property Sales, Commercial Leasing, Property Management, and comprehensive real estate services. Westlake Associates, Inc. closed over 210 transactions in 2021, with a sales and lease volume of approximately $394 million. With an unparalleled knowledge of the Puget Sound market, Westlake brokers continue to lead the industry in successful closings and client satisfaction.