By Kate Snyder
Across the Puget Sound region, the multifamily market continues to see a significant increase in sales activity.
In an early September sale, Graham Place Apartments – a three-story, 60-unit apartment building in Seattle – was purchased by an entity affiliated with Raymond Capital Advisors, LLC, a Seattle firm. The property was sold for approximately $13 million, or about $216,667 per unit, by Graham Place Apartments, LLC, an entity affiliated with Whiting Chiu and Meranda Chang.
The latter of whom bought the complex in 2006 for about $3.6 million from CNZ Investments. This most recent sale was recorded on Sept. 6, according to King County records.
Jake Morse, Sidney Warsinske, and Ryan Dinius from Marcus & Millichap Seattle brokered the sale.
The building was constructed in 1968, according to public records, and is located at 4601 S. Graham Street, just off Rainier Avenue S. in the Seward Park neighborhood. The property offers a mix of one-, two- and three-bedroom apartments that have been newly renovated. According to the complex’s website, amenities include patios and balconies, washer/dryer on site, hardwood-style flooring, new carpet in select units, energy-efficient appliances, video patrol, recycling, elevator and a controlled access gate.
Situated near both residential and commercial properties and less than one mile from Graham Hill Elementary School, nearby attractions include downtown Columbia City, Seward Park, Lake Washington, Georgetown Wineries, South Center Mall, downtown Seattle, and SeaTac Airport.
The sale adds to a flurry of activity in the multifamily market that has been recorded in the region over the past several months.
According to a 2022 second quarter multifamily market report from Kidder Mathews, the average sales price per apartment unit has gone up more than 16 percent year-over-year to approximately $272,104. At the same time, vacancy rates for the second quarter of 2022 was listed at 5 percent. Per the group’s second-quarter report, the average rent for a one-, two- and three-bedroom apartment is $1,759, $2,085 and $2,431, respectively.