Costa Mesa, CA (April 27, 2022) — The Mogharebi Group (“TMG”), representing the local seller, Bode, has achieved the record setting price per unit with the $8.9 million sale of Village Vista, a 36-unit development in Shoreline, 13 miles north of Seattle, WA. The buyer of the property is a private investment group based out of Rolling Hills Estates, CA.
“Its proximity to more than two million jobs, and location in one of the most appealing rental markets in the Seattle metropolitan area, has significantly driven occupancy,” said TMG Senior Vice President Ryan Kidwell. “Village Vista with strong cash flow and significant-value upside provided the buyer a tremendous opportunity to increase their returns”. Kidwell added. “The strong regional economy and steady population growth combined to drive the price to a record-setting level per unit in Shoreline for pre-2000 construction.”
Village Vista is a two-building, 36-unit apartment community located at 928 N 200th Street and 20060 Whitman Ave North. Built in 1966 and 1970, the properties comprise two and three-story buildings totaling 30,786 rentable square feet. The complex consists of two parcels totaling 0.87 acres for a comfortable density of 41.9 units per acre. The apartment homes feature spacious one-, two-, and three-bedroom floor plans with an average size of 855 square feet, respectively.
About The Mogharebi Group
The Mogharebi Group is one of the largest multifamily brokerage firms in the United States by volume. With offices throughout the western United States, The Mogharebi Group offers private investors and investment funds deep local market knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital with over $800 million in regularly revolving inventory.