BURIEN, WA, May 13, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Westerly, a 37-unit apartment property located in Burien, WA, according to Joel Andrew Deis, regional manager of the firm’s Seattle office. The asset sold for $6,120,000 ($165,405 per unit).
Kellan Moll, Mitchell Loofburrow and Scott Morasch, investment specialists in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.The buyer, an individual/personal trust, was secured and represented by Kellan Moll and Scott Morasch, investment specialists in Marcus & Millichap’s Seattle office
Westerly is located at 11923 1st Ave S in Burien, WA. (The property was built in 1976 and houses a working-class tenant base with a mix of thirty-one 1 bed/1 bath units and six 2 bed/1 bath units. The Sellers had owned and privately managed the property for 10 years and completed a 1031 exchange into a 126-unit asset in the Dallas/Fort Worth market, offering vastly superior cash flow with economies of scale to support professional management. The Buyer, a California investor with an existing portfolio in Burien, acquired Westerly as a value-add opportunity through renovations. The property had significant upside potential as rents were over 30% below market at time of sale and no significant renovations had been performed by the previous owners.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.