Home Finance Auburn Multifamily Property Sells for $4.17MM

Auburn Multifamily Property Sells for $4.17MM

Marcus & Millichap, Auburn, Cambridge Lane
Courtesy of Marcus & Millichap

AUBURN, WA, April 7, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Cambridge Lane, a 24-unit apartment property located in Auburn, WA, according to Joel Andrew Deis, regional manager of the firm’s Seattle office. The asset sold for $4,170,000.

Kellan Moll and Scott Morasch, investment specialists in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Kellan Moll and Scott Morasch, 

Cambridge Lane is located at 808 I St NE in Auburn, WA.  The property was constructed in 1968 and consists of eight one-bedroom one-bathroom units averaging 600 sf, twelve two-bedroom one-bathroom units averaging 782 sf and four three-bedroom two-bathroom units averaging 882 sf.  The buyer was in a 1031 and purchased the property for the opportunity to perform light renovations and significantly raise rents to market.

About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.