A joint venture of two Colliers colleagues came together to purchase the Kenmore Village Apartments for $11.8 million or $203,448 per unit. The buyers, former Colliers broker Morris Groberman and current Colliers broker Joe Levin, were represented by Paul Mickley of Paragon Real Estate Advisors. Travis Andrews and Eric Smith also of Paragon represented the seller, Kenmore Village Apartments LLC. Paragon Real Estate Advisors exclusively offered the sale.
Andrews said the property has been under the same ownership for 26 years. It’s the first time the apartments have been up for sale since.
“We had a lot of great activity,” said Andrews. “Bothell and Kenmore are really growing and there’s a lot of new development in the area.” Andrews added that while the property hasn’t undergone any major renovation, he said, “It’s a really great property and has had a lot of interest.” He added that the property has been maintained well since the 80s.
The new owners are planning an update and renovation for the property. Levin said they’ll be doing renovations on the interior of units and on the exterior of the building.
In addition to acquiring this apartment complex, Levin and Groberman also own other properties in the area including the North Point Highlands apartments in Kenmore.
The Kenmore Village Apartments are located at 17620 80th Avenue NE in Kenmore. Built in 1986, the 58-unit apartments span across multiple buildings of three-stories each. The apartments also offer a washer and dryer in each unit and have a total of 88 parking stalls with 12 garage spaces and 76 uncovered spots.
A 2017 Seattle apartment market study from Dylan Simon with Colliers’ Seattle Multifamily Team said South Snohomish’s apartment market performed well in 2016. “Of all the major submarkets rental rates in South Snohomish grew second only to South King,” according to the report. Simon added that the demand for apartments in the area is linked to strong employment and residents seeking affordability. In 2016, the average price per unit was $183,429 or $211 per square foot.