Investor confidence in Seattle market remains high despite volatile financial environment
(EDITOR’S NOTE: According to public documents, the seller was an entity associated with Seattle-based Cadence Real Estate. The buyer was an entity associated with John and Miles Drake.)
SEATTLE, Wash. – June 30, 2022 – Colliers today announced the successful sale of Villa Andora, a fully renovated, 37-unit apartment building in West Seattle. Colliers handled both sides of the $13,600,000 ($367,567 per unit) transaction, with Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper representing the seller, and Adam Groberman representing the buyer.
Located at 1520 California in the North Admiral neighborhood of West Seattle, Villa Andora is a fully modernized apartment community. All 37 units in the 30,029 square foot building have undergone significant interior renovations and feature new kitchens, bathrooms, flooring, windows, appliances fixtures and finishes. These upgrades made Villa Andora an attractive option for investors looking for long-term upside.
“In the face of a volatile interest rate market, this transaction is evidence of continued investor confidence in the Seattle market and its ability to overcome recent increases in the cost of financing,” McKay said.
Residents of Villa Andora enjoy walkable amenities at the Admiral Junction, a hub of boutique shops, entertainment, dining and services located just three blocks to the south. The property also offers easy access to Alki Beach and excellent proximity to downtown Seattle via the West Seattle bridge, which is slated to re-open later this fall.
Colliers is a leading diversified professional services and investment management company. With operations in 65 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 26 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.6 billion ($4.0 billion including affiliates) and $46 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people.