By Kate Snyder
A recently constructed multifamily building in Seattle traded hands, showing that investors are still attracted to the city’s residential market. The Encore at Columbia Station was sold for $35.3 million, or about $367,708 per unit, according to King County property records. The seller was BDR Holdings, a home builder based in Bellevue which originally developed the property, and the buyer was Green Leaf Capital Partners, a real estate investment firm based in Pleasanton, Calif.
Located at 4689 Martin Luther King Jr Way S, the 96-unit apartment building sits on just over one-third of an acre, property records show. The five-story structure was constructed in 2021 and is directly adjacent to the Columbia City light rail station . At the time of its opening, an announcement from BDR Holdings showed that the apartments feature quartz counters, European appliances and custom cabinetry. Other amenities include a rooftop terrace, community lounge with a chef’s kitchen and covered outdoor room, bike storage and secure parking.
Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale. IPA’s Giovanni Napoli, Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino represented the seller and procured the buyer.
“With the opening of over 20 light rail stations over the next two years, residents can connect to the major employment and lifestyle hubs throughout the region with ease, especially with Encore’s central location in South Seattle,” Napoli said.
Green Leaf Capital Partners is a vertically integrated real estate investment firm that acquires, renovates and manages apartment properties in select U.S. markets, according to the firm’s website. The company targets properties such as newer vintage, light value-add and core-plus multifamily investments in submarkets that appeal to stable workforces with proximity to major employment hubs and tech companies. Founded in 2008, the firm operates throughout the western United States, with more than $1.6 billion in acquisitions and $3.2 billion in total transaction volume. In Washington, the company owns multifamily properties in Tacoma, Vancouver, Seattle, Lynnwood, Lakewood, Shoreline and Kent.
BDR Holdings develops single-family homes as well as multifamily communities, according to the firm’s website. The company has single family residences under construction in West Bellevue, Kirkland and Redmond, and it has multifamily properties in Seattle, Redmond and Issaquah.