Seattle, WA (April 4, 2023) – The Mogharebi Group (“TMG”) has arranged the $2.1 million all-cash acquisition of a 1.5-acre development site in South Seattle by locally based real estate development, investment and management firm Bode.
Senior Vice President Ryan Kidwell, who leads TMG’s Seattle office alongside Robert Parmar, represented Bode in the transaction. Located at 5960 Martin Luther King Jr. Way, S., the proposed 330-unit project to be built on the site promises to bring much-needed attainable housing to the market, according to Kidwell.
“It can be difficult to make development sites pencil in the current market because there remains a disconnect between buyers and sellers, and financing options are extremely limited,” said Kidwell. “Leveraging our strong relationships with local developers, we were able to identify the opportunity in this deal, negotiate a fair price for our client, and go under contract within 48 hours of it coming to market.”
Kidwell’s team also assisted Bode with the complex due diligence process that involved wetland mitigation.
“The Puget Sound region’s topography is quite varied, so developable land in Seattle usually comes with some type of hurdle—and this property was no exception,” Kidwell added. “Since the land is partially impacted by wetlands, we had to determine the best options to mitigate those sensitive areas while still allowing our client to cost-effectively develop the site.”
Bode, an active owner and developer of quality affordable housing for lower-to-middle-income renters in the Seattle area, is also currently in escrow on a few additional sites across the Puget Sound region, according to Kidwell, who has represented Bode in several other transactions.
About The Mogharebi Group
The Mogharebi Group is a real estate investment and advisory firm specializing in the multifamily property sector throughout the Western United States. Backed by unparalleled local market knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital with more than $800 million in revolving inventory, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.