Home Finance FPA Multifamily Buys 190-Unit Multifamily Community in Auburn for $44.5MM

FPA Multifamily Buys 190-Unit Multifamily Community in Auburn for $44.5MM

(EDITOR’S NOTE: According to property records filed with King County, the apartment building was acquired by FPA Multifamily.)

SEATTLE –– CBRE announced the $44.5 million sale of Neely Station, a 190-unit multifamily community in Auburn, Washington, to a confidential buyer. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto with CBRE’s Pacific Northwest-based multifamily team represented the seller, Goodman Real Estate Inc.

The property is located at 1433 8th Street NE in Auburn, a suburb south of Seattle. Built in 1968, the garden-style community consists of 25 two-story buildings on 9.5 acres. Neely Station has one-, two- and three-bedroom floor plans with an average apartment size of 850 sq. ft. Community amenities include an outdoor pool and sundeck, fire pits, resident clubhouse, fitness center, media room, and landscaped grounds with walking paths.

“Neely Station offered a value-add opportunity with 100 percent of the units primed for upgrades, while the property’s location is convenient to multiple employment hubs, including Tacoma, Seattle, Bellevue, Kent and Renton,” said Jon Hallgrimson, vice chairman, CBRE.

The property is approximately six minutes from Auburn Station transit hub, 20 minutes from downtown Tacoma, and 30 minutes from downtown Seattle and downtown Bellevue.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.