By Meghan Hall
The Crew Apartments, a recently built, 80-unit complex located in Seattle’s Green Lake neighborhood, has sold for $22.3 million, or $278,750 per unit, according to King County public records. In a transaction that closed last week on June 5, Mira Valley, Kai 1 and Crew Washington, three limited liability companies associated with private buyers, purchased the property from Seattle-based Goodman Real Estate and GHO Holdings, an entity associated with local developer Josh Obendorf.
Marcus & Millichap’s Senior Managing Director of Investments, Eduardo Cerna, represented the buyers. As of this writing, Cerna had not yet returned The Registry’s request for comment.
The apartments, located at 8228 Green Lake Drive N., were constructed in 2017. According to the apartment’s website, the complex is comprised of studio, open one-bed, one-bed and two-bedroom units, and there are more than 16 apartment layouts to choose from. The Crew Apartments feature a bike-storage or repair station, live/work options, rooftop gathering spaces and landscaped courtyards. Individual units feature hard surface floors, large windows and modem appliances as well.
The project is also in an up-and-coming part of the Green Lake neighborhood, which is serviced by numerous jogging paths, grocery stores, restaurants and coffee shops. Woodlands Pizza and Public House, as well as a Starbucks, are just adjacent to the site, while other attractions from the Woodland Park Zoo, the Green Lake Crew boat house and public transportation such as the Rapid Ride E Line are all nearby. Overall, the complex has a Walk Score of 83, which means that most errands can be completed without a car.
Founded in 1990, Goodman Real Estate is a private investment company that specializes in multifamily and commercial real estate. The firm currently manages more than $2.5 billion in assets across multifamily construction, office and retail buildings. GRE states on its website that it generally targets middle market assets in the $25 million to $100 million range, as well as those that are located in attractive locations, such as Green Lake.
Overall, the Seattle metro remains one of the most active regions in the country for multifamily investment and development, according to Marcus & Millichap’s Second Quarter Seattle Multifamily report. The brokerage firm states that inventory has increased by 85,000 units since 2010, and more than 20,000 apartments are expected to be delivered over the next two years in core urban neighborhoods and the Eastside. This, says Marcus & Millichap, should help to soften rental rates and increase the average vacancy, although overall the region’s dynamic economy will keep demand strong.