The Portal Sells for $690 per square foot, despite ongoing pandemic
SEATTLE, Wash. (March 19, 2021) – Colliers Pacific Northwest Multifamily Advisor team of Tim McKay, Dan Chhan, Sam Wayne, and Matt Kemper are pleased to announce the sale of The Portal, a 56-unit mixed-use apartment building located at 743 N 35th Street in the heart of Seattle’s Fremont neighborhood.
The Portal sold for $21,350,000, which equates to $690 per net rentable square foot ($381,250 per unit), and represents the third-highest sales price per square foot ever achieved in Seattle for a building with fewer than 100 units. Furthermore, The Portal was sold pre-stabilization, closing just 90 days after certificate of occupancy.
McKay, Chhan, Wayne and Kemper executed a customized marketing campaign on behalf of the mezzanine lender in late Spring, 2020. The Portal was still under construction at the time, and uncertainty was high with a global pandemic raging, statewide stay-at-home orders in effect and travel restricted. The Colliers team leveraged new technologies such as Matterport and Zoom to tour out-of-market buyers that were unable to travel through the building that, as well as hard-hat tours complete with masking, contact tracing and temperature checks for those who were able to meet in-person safely. As a result of their pioneering approach the Colliers team was able to create intense competition – conducting 35 in-person tours, collecting nearly 20 offers, and ultimately achieving a new record-breaking sales price.
The buyer was a local family office in a 1031 exchange who was represented by Pacific Crest. McKay, Chhan, Wayne, Kemper represented the buyer for that exchange’s down leg that closed in 2020.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment.