Home Finance 52-Unit Apartment Building In Fife Sells For $9.5MM

52-Unit Apartment Building In Fife Sells For $9.5MM

(EDITOR’S NOTE: The property sold for about $183,000 per unit.)

FIFE, WA– Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Sherwood Park, a 52-unit apartment property located in Fife, WA, according to Joel Andrew Deis, regional manager of the firm’s Seattle office. The asset sold for $9,500,000.

Kellan Moll 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.   

Sherwood Park is located at 2380 62nd Ave E in Fife, WA. The sale included 13 fourplexes in a larger 18 fourplex broken condo community.  Even with the difficult circumstance of the HOA, the sale broke several records for multifamily transactions in Fife, WA, including highest price per unit and square foot, as well as lowest cap rate ever recorded (according to CoStar Comps, pre-2020 construction). Other notable points of the transaction include that Marcus & Millichap was able to secure $1.5 million of nonrefundable earnest money, the buyer completed a 1031 exchange out of apartments in Seattle, WA, and the seller also completed a reverse 1031 exchange into a property in Kirkland, WA.  

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.