By Meghan Hall
California investors continue to pour money into the Puget Sound investment market as the region’s economy grows. In a deal that recorded recently, the Magnolia Apartments traded for $19.5 million, or about $342,105 per unit. The seller was an entity affiliated with Truckee, Calif.-based OpenPath Investments, while the buyer is a limited liability company associated with private buyers in San Marino, Calif.
The property is located at 3520 28th Ave. W. and 2727 W. Manor Place. The property was originally constructed in 1968 and totals 57 units. Residences are about 800 to 1,100 square feet in size. Units are equipped with stainless steel appliances, modern cabinetry, quartz, and wood-like flooring. Community features include a neighborhood dog park, storage units, and covered parking.
“Our Seattle apartments for rent are nestled in the heart of Seattle, giving you comfort at home, and convenience to be out on the town,” the community’s website states. “We offer pet-friendly 1 and 2 bedroom floor-plans just minutes from Seattle’s finest shopping and dining. You get the benefits of city living, combined with comforting apartment amenities. Conveniently located near downtown Seattle, work and play are always just minutes away from our Magnolia Seattle Apartments.
The property is in a primarily residential neighborhood. Magnolia Manor Park, Discovery Park, Interbay Golf Terminal and Fishermen’s Terminal are all nearby.
Seattle’s apartment market continues to gain momentum heading into the end of the year. Apartment vacancy in the region sat at 4.4 percent, and continues to trend downward, from a Q4 2020 high of nearly 7 percent. Rental rates continue to climb. According to third quarter data by Rob Gasca Real Estate Group, the average market rent per unit sits at about $1,799. 22,000 units have been absorbed over the past year, and the region’s total inventory–which sits at about 468,000 units–also continues to grow.
Major players continue to be active in the market, as well. According to Rob Gasca Real Estate Group, Blackstone has spent $525.55 million in the region over the past 12 months; Greystar has spent $493.75 million. Deutsche Bank and MG Properties Group each spent $279.1 million and $276.5 million, respectively. Kennedy Wilson remained not far behind, spending $265 million in the Puget Sound over the past 12 months. Combined, these investors–as well as a myriad of small ones–continue to propel the multifamily market forward and into a healthier state.