Home Finance Inspire Apartments in Seattle Trades Hands for $14.5MM

Inspire Apartments in Seattle Trades Hands for $14.5MM

Inspire Fremont, Bridge Way Investors LLC, The Calida Group, Seattle
Courtesy of Inspire Fremont

By Meghan Hall

A Las Vegas-based investor is continuing to expand its Puget Sound portfolio, closing on its second deal in a matter of weeks. According to public documents on file with King County, The Calida Group spent $14.5 million, or about $354,238  per unit, on the Inspire Apartments, located in Seattle. The seller of the property was Bridge Way Investors, LLC, affiliated with Michael Yukevich. The deal was arranged by Colliers’ multifamily experts Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper.

The property is located at 3825 Bridge Way North. With a mix of 42 studios and one-bedrooms, the asset is fairly new and was delivered in 2020. Units are equipped with hardwood floors, granite countertops, and WiFi. Tenants also have access to a roof terrace,pool and clubhouse, and a study lounge.

“Huge windows, graceful curves, wonderful views, efficient stainless steel appliances…your new home is something you’ll be proud to show off,” the property’s website states. “Huge windows, graceful curves, wonderful views, efficient stainless steel appliances…Simple and elegant, each of the apartment homes at Inspire was designed with you in mind. From lower utility bills to less clutter, we’ve blended beauty and functionality for a brighter, cleaner environment that will keep you in harmony with the space around you.”

The Calida Group has been slowly expanding its Puget Sound portfolio. In June of last year, the firm made its first Portland acquisition with the purchase of the Autumn Grove Apartments for $39.5 million. Over the past year, the organization has also purchased several additional properties in Seattle: In September, The Calida Group paid $27.5 million, or about $180,921 per unit, for Koz at the Dome, and an additional $17.5 million for Koz on Market Street. Both are located in Tacoma.

In February, The Calida Group paid $27 million, or about $264,705 per unit, for Koz on North Broadway, a 120-unit project in Everett. All projects were sold by Koz Development.

Founded in 2007, The Calida Group has acquired more than 16,000 multifamily units across the United States. The firm has also invested about $1 billion annually in development, value-add and core-plus opportunities, according to its website, placing capital on behalf of commingled funds and high-net worth individuals.