15K + SF Fully-Leased 54-Unit Boutique Apartment Sold to AEKP Real Estate LLC
Seattle, Wash. – Kamiak Real Estate Partners (Kamiak), a real estate firm focused on acquiring, developing and operating niche multifamily and commercial assets in the greater Seattle region, announced the sale of its recently-completed Sora Apartments in Seattle for $16 million to AEKP Real Estate LLC, a Washington-based limited liability company. The transaction reflected a price per square foot of $1,020 and a price per unit of $296,296.
Located at 4239 8th Ave NE in Seattle’s University District neighborhood, the seven-story, 15,682 sq. ft. multi-family residential features 54 studio and one-bedroom units averaging 290 sq. ft. This represents Kamiak’s second sale in the University District over the past five years.
“The Sora Apartments was 90 percent pre-leased prior to completion and 100 percent leased prior to Fall Quarter, supporting strong student housing demand in the University District. We look forward to delivering more projects in the region and expanding our pipeline of transit-oriented multifamily investments,” said Kamiak Founding Partner Manuel Garibay.
“We’re pleased with the completion and sale of the Sora Apartments project, which achieves the mission set forth when we started Kamiak—to provide high-quality workforce and student housing in the most walkable urban neighborhoods,” said Kamiak Founding Partner Scott Lien.
Sora Apartments: Modern Boutique Apartment Living
Completed in August 2021, the Sora Apartments include numerous in-unit features including: floor-to-ceiling windows in most units; top-floor lofts; wide plank hardwood styled flooring; kitchens equipped with modern stainless steel refrigerators and microwaves; and a built-in cooktop. Units also feature quartz counters and tile backsplashes; air conditioning ports ready for portable units and fully installed a/c in all top-floor homes; Juliet balconies or step-out balconies in most units; and washers/dryers in all homes.
Building amenities include a rooftop deck with outdoor seating and a BBQ area; a modern lobby with built-in study booths and complimentary wi-fi; and expansive bike storage. The location is also highly-walkable with great access to urban amenities, regionally-connected Light Rail and the 27-mile Burke-Gilman Trail just down the street—with views of downtown Seattle, Lake Union and Mt. Rainier in many homes.
With a focus on sustainability, the Sora Apartments pursued the Priority Green Expedited program through the City of Seattle and was ultimately certified Built Green 4-Star. Sustainable elements include LED lighting throughout, energy-efficient windows, ENERGY STAR certified appliances, WaterSense labeled plumbing fixtures, heat pumps in common areas and select units, rooftop solar power generation, water treatment via bioswales, and a green roof. The occupied building will continue to report on its gas and electric usage for future benchmarking via the ENERGYSTAR Portfolio Manager.
Project team members for the Sora Apartments included Kamiak Real Estate Partners (Developer); Constantine Builders Inc (General Contractor); Skidmore Janette Architecture (Architect); PacLand (Civil Engineer); SarMerr Design (Interior Designer); Burman Design (Mechanical Engineer); Swenson Say Faget (Structural Engineer); Balderston Associates (Sustainability Consulting); Keystone Properties NW (Property Manager) and GHA Landscape Architects (Landscape Architect). The brokers for the sale include Steven Chattin, Mitchell Belcher, Jay Timpani and Chad Blenz of Berkadia.
Kamiak Real Estate: Acquiring & Developing Underutilized Multifamily & Commercial Real Estate
Founded in 2016, Kamiak Real Estate is focused on transit-oriented, high-density multifamily development. Currently the firm has five multifamily projects (380-units) under construction with another 800-units in their pipeline, all in close-in Seattle neighborhoods. Most recently, the firm just closed on purchases of two development sites at 4310-4318 Stone Way and 119-129 12th Avenue.
About Kamiak Real Estate Partners.
Launched in 2016, Kamiak has focused on acquiring and developing underutilized multifamily and commercial real estate. Kamiak’s focus on the Greater Seattle area allows it to take advantage of a highly-educated workforce, world-class educational and research institutions, diverse access to investment capital and strong ties to global markets.