EVERETT, Wash., Jan. 13, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Shoreside Village, a 119-unit multifamily community located on Beverly Lake in Everett, Washington. The $15.35 million sales price equates to just under $129,000 per unit.
“Professionally managed and well-maintained over the past decade, the property provides new ownership with both a turn-key asset and one that offers opportunities to enhance value,” says Rich Walker, vice president investments in Marcus & Millichap’s Seattle office. “Rental competition in the immediate neighborhood is relatively low as there are only two other conventional market-rate apartment communities on Beverly Lake.”
Walker, along with Eduardo Cerna, senior vice president investments in the firm’s Palo Alto office, represented the seller, Shoreside Village, LLC, a California-based investment group. Spencer Clark and Matt Gardner, both in Marcus & Millichap’s Seattle office, procured the buyer, Williams Investments, a regional multifamily investment company.
“This sale had so many moving parts to strategically monitor that cooperation across the board with all the parties involved was crucial,” Walker adds. “The buyer assumed a Freddie Mac note, took out a supplemental loan and was able to use the acquisition of Shoreside Village as their 1031 exchange upleg property. The seller was also involved in a 1031 exchange with their proceeds. I want to give special thanks to both the buyer and seller for their impeccable performances and timely responsiveness,” Walker continues. “Their open communication and our proactive approach enabled us to bring all the pieces together and close successfully.”
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com