Home Industry News Apartment Complex in Seattle’s Eastlake Sells for $17.75MM

Apartment Complex in Seattle’s Eastlake Sells for $17.75MM

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CBRE, Remi Apartments, ACME Realty, CBRE’s Capital Markets Multifamily Investment team, Lake Union, Seattle, Eastlake Avenue
Remi Apartments

Seattle (April 11, 2018) – CBRE is pleased to announce the sale of Remi Apartments, an urban apartment community in Seattle, WA to ACME Realty for $17,750,000.

Mark Zoffel and Kyle Yamamoto of CBRE’s Capital Markets Multifamily Investment team negotiated the sale on behalf of the seller.

Remi Apartments, built in 1996, comprised of 34 residential homes and three commercial spaces on the ground floor. Located in the thriving Eastlake neighborhood, just above the shores of Lake Union, Remi takes advantage of the stunning lake and mountain views that are normally reserved for the private homes lining the waterfront. One- and two-bedroom homes feature a private deck or patio, some even large enough for patio furniture and barbecue grills, providing residents with their own private enjoyment of spectacular Seattle sunsets and Lake Union activity. A large rooftop deck offers residents an amenity not commonly found in a building of this size.

The deal traded at $480,000 per unit, excluding the value of the retail, a high watermark for the Eastlake neighborhood.

The property mailing address is 2727 Eastlake Avenue East, Seattle, WA 98102. At the time of sale, the property was 97% percent occupied and the ground floor retail was fully leased.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.