(EDITOR’S NOTE: According to public documents, the seller of the property is an entity associated with the Borracchini family.)
Opportunities for 45-unit multifamily property to increase in value with ongoing revitalization of the Seattle Waterfront and Pioneer Square neighborhoods
Seattle, Wash.– August 16, 2021 – Colliers’ McKay, Chhan, Wayne, and Kemper are pleased to announce the successful sale of 80 Main, a 45-unit multifamily apartment located in downtown Seattle’s historic Pioneer Square neighborhood. The Colliers team was led by senior vice president Tim McKay, senior vice president Dan Chhan, senior vice president Sam Wayne, vice president Matt Kemper and Michael McQuaid. The team represented the seller, a private investor, and sourced the buyer, Seattle based Unico Investments. The sale was finalized on August 16 for $17,555,000.
“Seattle multifamily investment sales are rebounding significantly in 2021, and the sale of 80 Main is a perfect example of a competitive listing process resulting in many competing offers from highly qualified bidders,” said McKay. “Attractive bridge financing allowed the buyer to execute a core-plus strategy that should pay dividends for years to come as rents continue to improve and Alaskan Way wraps up construction.”
Named for its address at 80 S. Main Street, 80 Main was built in 2015 making it one of the newest buildings in the area. The luxury apartments are nestled in the heart of Pioneer Square, Seattle’s oldest neighborhood, with pedestrian and public transit access to the soon-to-be completed Alaskan Way project along the Seattle Waterfront, the Central Business District, International District and stadiums. The property has a near perfect Walk Score of 98, and perfect transit score of 100 due to the property’s proximity to the Link Light Rail, the First Hill Street Car, King Street Station, Washington State Ferries and over 10 bus lines. Shopping, dining and entertainment surround 80 Main in addition to the offices of major employers in Pioneer Square and the central business district, making it the ideal neighborhood to live, work and play.
Apartment units at 80 Main consist of studios averaging 532 square-feet, one-bedroom units averaging 587 square-feet, two bedroom units averaging 845 square-feet and a three-bedroom live-work loft averaging 1,343 square-feet. Each unit features high quality finishes such as stainless steel appliances and hardware, full-size washers and dryers, vinyl-plank flooring, tile backsplashes, quartz countertops, ceiling fans, AC ports and floor to ceiling windows. Other onsite amenities include a common area with a kitchen and TV viewing area and a rooftop deck boasting views of Elliott Bay and the Olympic Mountains, BBQ stations, firepits, comfortable furniture and bistro lighting.
Major improvements to pedestrian walkways and public spaces further add to the attractiveness of 80 Main. A forthcoming redesign of portions of King, Main and Washington Streets, Yesler Way and 2ndAvenue South will improve circulation for pedestrians by reducing vehicle travel lanes and limiting some traffic directions. Along the Seattle Waterfront, the relaunch of the Washington Street Boat Landing Pergola and Habitat Beach, between Coleman Dock and Pier 48, will restore access to the public while supporting the salmon corridor and marine habitat.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people.