Fresh off of a $14,565,000 sale of the Maggie Apartments in Seattle’s Magnolia neighborhood, an entity associated with the Worden family purchased the 30-unit Marinwood Apartments for $12.6 million, or $420,000 per unit, according to public records. The seller was Columbia Partners Business Park LLC, an entity associated with Joseph H. Razore of Bellevue.
As comparison, the Maggie Apartment complex, which is just a couple of blocks away, sold at $291,300 per unit. The Wordens had owned The Maggie since May of 2013, so they are very familiar with the dynamics of the neighborhood.
The Marinwood Apartments are located at 3628 24th Pl. W. in Magnolia, and Razore’s company owned the property since 2015, when it purchased the complex for $8.2 million. The four-story property was built in 1980, and it features 35 parking spots. Average unit size, according to reports submitted with the county, is 1,119 square feet.
The building is in the part of Magnolia that has a number of other multifamily properties, such as the Magnolia Manor and Magnolia Vista. The property is also close to Magnolia Manor Park and near the Salmon Bay.
Inventory in Magnolia is very tight, and the neighborhood features some of the best schools in the city of Seattle, making an investment in this neighborhood a timely one.
The city of Seattle is expected to add around 13,600 units to its inventory over the next two years. According to a recent, second quarter of 2017 Apartment Insights report, there are 23,572 units under construction in King and Snohomish counties, and nearly 60 percent of that number in Seattle alone. The impact of those units on the market will result in easing some of the current pressure, however rents in King and Snohomish counties have increased to $2.01 per square foot, which is a 4.6 percent increase over the first quarter and 7.6 percent increase over the second quarter of 2016.