(EDITOR’S NOTE: According to public records, the buyer of the property was an entity affiliated with Lafayette, Calif.-based Springhill Real Estate Partners. The seller was Normandy Realty LLC, based in Kirkland, Wash.)
BURIEN, WA –The Mogharebi Group (“TMG”) has completed the sale of Terrace View Apartments in Burien, WA. The property sold for a total of $22,000,000 with multiple offers from 1031 exchange buyers. Ryan Kidwell and Robert Parmar of The Mogharebi Group represented the seller, a private investor from Bellevue, WA.
“Terrace View is fully occupied with high in-place loss-to-lease that provided the buyer a tremendous opportunity to increase their returns and perfectly fit their 1031 exchange needs. At a price of $258,824 per unit, this transaction represents the 2nd highest price ever in the Burien MSA”, said Robert Parmar, Senior Vice President of The Mogharebi Group. “It was our breadth of longstanding relationships across the spectrum of investors, from private high net worth and exchange buyers to multinational institutions, that ultimately allowed us to fulfill the buyer and seller’s 1031 exchange needs.”
Built in 1985, Terrace View Apartments is an 85-unit complex located at 231 South 177th Place in Burien, WA. The community sold for $22,000,000, which equates to $258,000 per unit and $319 per square foot. The property comprises 14 total residential buildings totaling 68,936 rentable square feet and features spacious 1-, 2- and 3-bedroom floor plans with an average size of 811 square feet. Terrace View amenities include a swimming pool with a cabana, racquetball court, storage area, and plenty of covered parking, all within a gated community.
About The Mogharebi Group (TMG):
The Mogharebi Group is a brokerage firm specializing in the multifamily property sector throughout the Western United States. With unparalleled local market knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital with over $800MM in regularly revolving inventory, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.