By Kate Snyder
Redmond’s multifamily market continues to draw sales activity with a recent transaction involving an apartment complex in the heart of the city. The Delano Apartments traded hands for $54 million, or approximately $428,571 per unit, according to King County public records. The buyer was entities affiliated with MJW Investments, and the seller was an entity affiliated with G.W. Williams Company.
Matthew Balkman and David Chapman of Turning Point Realty Advisors were the only brokers involved in the transaction.
Located at 7805 170th Place NE, the 126-unit complex comprises a mix of studios, one- and two-bedroom apartments. The asset was originally constructed in 2005. According to Apartments.com, residences come equipped with granite counter tops, stainless steel appliances and a patio or balcony. Community amenities include a fitness center and clubhouse. Numerous retailers such as Petco, Safeway and World Market are also close to the complex.
San Mateo, Calif.-based G.W. Williams Company originally purchased Delano Apartments back in 2020 for $51.5 million, or about $408,000 per unit, according to previous reporting from The Registry. The seller in that deal was Essex Property Group. Turning Point Realty also represented G.W. Williams Co. throughout that transaction process.
GWW is a fourth generation, privately-held real estate investment company that owns multifamily, light industrial, commercial and office properties totaling about 3,000 units of residential and one million square feet of commercial in addition to developable land. It operates in the United States and Europe with holdings in Washington, California, Arizona, Tennessee, Florida and Switzerland, according to the firm’s website.
Based in Los Angeles, MJW Investments specializes in acquisition, development and asset management, according to the firm’s website. The company focuses on revitalizing and repositioning multifamily and student housing properties and has a portfolio that includes 1,000 multifamily units and 7,000 student housing beds in eight states. During the decades since its founding in 1983, MJW Investments has acquired more than five million square feet of real estate investments.