Home Industry News Citywalk Apartments in Seattle’s Northgate Neighborhood Sells for $26.9MM

Citywalk Apartments in Seattle’s Northgate Neighborhood Sells for $26.9MM

Seattle, Colliers International, Colliers Seattle Multifamily Team, Essex Property Trust, Inc., RISE Properties Trust, Citywalk Apartments
Image courtesy of Colliers International

December 20, 2017, Seattle, WA – Dylan Simon and Jerrid Anderson of Colliers’ Seattle Multifamily Team closed the sale of Citywalk Apartments in Seattle’s Northgate neighborhood on Wednesday, December 20, 2017. The sales price of the apartment community was $26,900,000, equating to $263,725 per unit and approximately $292 per net rentable square foot.

Built in 1987, Citywalk Apartments is comprised of four residential buildings and an amenity clubhouse on 2.63 acres of serene landscape, with the convenience of the Northgate Mall just five minutes away. The 102-unit property represents a unique opportunity in the burgeoning Northgate market as the second investment-grade apartment to come to market in the last decade.

Northgate’s emergence as an urban center is marked by its balance of activity, connectivity and tranquility. Citywalk is impeccably positioned to accommodate locals seeking to escape the Downtown core, while maintaining convenient access via the future Northgate light rail station.

Dylan Simon, Executive Vice President, and Jerrid Anderson, Vice President, of Colliers International’s Seattle office represented the sellers, Essex Property Trust, Inc. and its institutional equity partner. The buyer, RISE Properties Trust, was not represented by a broker.

About Essex Property Trust, Inc.

Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 248 apartment communities with an additional 6 properties in various stages of active development. Additional information about Essex can be found on the Company’s website at www.essex.com.

About RISE Properties Trust

RISE Properties Trust is a publicly offered, non-traded Canadian REIT invested in the US multifamily sector, initially focused in the Greater Seattle area. Through management’s existing business platform and fully integrated operations, the Trust is able to acquire under-performing rental apartment properties and improve their operations, cash flow, and value. The associated property management company, Thrive, is a vertically-integrated multifamily platform with extensive experience and focus in the Pacific Northwest. For more information, visit www.risepropertiestrust.com.

About Colliers International

Colliers International (NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide.

Colliers’ Seattle Multifamily Team is based in downtown Seattle and comprises seven highly-qualified real estate professionals specializing in brokerage of apartment investments and developments in the Seattle and Puget Sound region. The team focuses on representing buyers and sellers of apartment buildings and development sites from 5 units to 500 units.