SEATTLE (April 14, 2023) — CPX announced another sale in its multifamily asset line, Manhattan Apartments, located at 18243 1st Ave S Normandy Park, WA 98148, for $9.925M (approximately $194,607 per unit). Purchased by Highline Capital, who was represented by Broker Matt Johnston, Managing Partner Jason Kono, and Managing Partner Casey Zejdlik of CPX.
The 51-unit sale in the sought-after South King County market is the only multifamily transaction with over 10 units in Normandy Park in the last 10 years — the first time the Manhattan Apartments property has been sold since its 1962 construction.
The buyer, Highline Capital, is a local investment firm that focuses on workforce housing in the Pacific Northwest. Justin Kraft, Principal of Highline Capital, said “I grew up in Normandy Park and it’s not often you get the chance to buy an asset like this, in this great community. We are excited and are looking forward to continuing to provide quality, workforce housing in the Puget Sound area.”
Matt Johnston, CPX Broker said, “We were extremely pleased to have sourced this deal off-market for our client. Manhattan Apartments is ideally located in one of the best pockets of South King County. We firmly believe this asset is a great example of a workforce housing investment that will outperform regardless of broader market conditions. Our client was drawn to this asset for its location, positive leverage, and high yield.”
CPX is a Pacific Northwest-based commercial real estate investment firm specializing in retail, multifamily, and manufactured housing. Our curated team of industry experts and seasoned brokers support and guide clients through the CRE investment process. Our long-standing relationships and innovative technology approach to sharing the latest, deepest market intel provide our clients with better outcomes.
Highline Capital is a privately held real estate development, investment, and management company specializing in the development of workforce housing communities in the Pacific Northwest. Highline was founded in 2020 on the premise that improving and repositioning class B or C workforce housing communities presents a tremendous value proposition for the community and investors.