Seattle-based Goodman Real Estate sold Junction 160 apartments to Junction 160 LLC, an entity associated with an address in San Francisco according to public documents, for $16 million or $226,667 per unit.
Junction 160 sits on a 59,027 square foot property at 16100 Linden Ave. N. in Shoreline. Built in 1978, the four-story, 60-unit apartment building offers one and two-bedroom units with private decks attached to each. The community also offers a recreation room, movie room, pet run, bike storage and parking. The apartments recently underwent a renovation to include stainless steel appliances, hardwood floors and in-unit washers and dryers.
Dallas-based Pinnacle lists Junction 160 as a property it manages though it’s unclear if the group will continue to manage the property now that it’s under new ownership. Calls to Pinnacle were unanswered.
A 2017 Seattle Apartment Market Study from Colliers’ Seattle Multifamily Team outlined the performance of North King, which includes Shoreline. The report found that the area is benefiting from its close proximity to Seattle’s metro area. “The market will continue to benefit from the high cost of renting anywhere near Seattle, yet rent escalation may taper as vacancy rises and new deliveries in the market offer renters more options and concessions,” the report stated. Researchers also noted that while the market received less than 100 new units in 2016, 5,400 units are in the pipeline which, equates to 34 percent inventory growth.
