SEATTLE, Wash. –– Colliers multifamily experts Sam Wayne, Tim McKay, Dan Chhan and Matt Kemper successfully completed the sale of Shelton Eastlake, a 61-unit apartment building located at 2359 Franklin Ave E in Seattle. The off-market transaction closed today for $25,200,000 according to public records.
“Shelton Eastlake is a premier asset located in one of the most desirable urban in-fill submarkets of Seattle” said Sam Wayne, senior vice president with Colliers. “Rents in the Eastlake submarket and multifamily demand have grown throughout the pandemic, with a vacancy rate of 3 percent and rents up 13 percent year-over-year, providing investors reason for optimism.”
Shelton Eastlake was constructed in 2016, by Shilshole Development. According to its website, tenants will enjoy the convenience of living minutes away from downtown Seattle, coupled with the comfort that comes from staying in a vibrant place with enticing amenities including two roof-top areas to soak in the scenery. With ultra-modern studios, loft, one- and two-bedroom apartments providing stylish options for any lifestyle, plus a unique open-air corridor design offering more opportunities to enjoy fresh air.