Seattle, July 31, 2018 – The Lofts at the Junction Apartments, a 38-unit apartment property, has sold for $9.5 million to WC Seattle IV SPE, LLC. Built in 2015, the apartment building is situated on a 3,700+ square-foot lot at 4535 44th Avenue SW, Seattle, according to King County Records.
Joe Levin, Senior Vice President with Colliers International, marketed the property and brokered the sale on behalf of the seller, Lofts at The Junction, LLC.
The Lofts at the Junction is a five-story complex with a rooftop deck overlooking the Puget Sound. It boasts best-in-class use of apartment space, with a full interior amenity package including washers and dryers in all apartment units. The units have tall ceilings and abundant natural light, making the average 336-square-foot unit feel much larger.
Located in West Seattle’s Junction, the main commercial corridor of the district, The Lofts at the Junction is surrounded by diverse amenities including parks, gyms, shopping, restaurants and nightlife. “The complex’s SMART design, superior neighborhood location, proximity to West Seattle Transit Center, and short commute times to Downtown Seattle are compelling to renters, and made The Lofts an attractive investment,” stated Levin.
At $745/SF, the sale represents the highest sale price per rental square foot on record for apartment sales over 20 units in West Seattle.
About Colliers International Group
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 12,000 skilled professionals serving clients in the world’s most important markets. Colliers is the fastest-growing publicly listed global real estate services company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.