Home Finance 42-Unit Fife Apartment Building Sells for $7.2MM

42-Unit Fife Apartment Building Sells for $7.2MM

Marcus & Millichap, Fife, Fife Tudor Apartments, Seattle
Courtesy of Marcus & Millichap

FIFE, WA, September 23, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Fife Tudor Apartments, a 42-unit apartment property located in Fife, WA, according to Joel Deis, regional manager of the firm’s Seattle office. The asset sold for $7,200,000.

Kellan Moll and Scott Morasch, investment specialists in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.The buyer, a limited liability company, was secured and represented by Kellan Moll and Scott Morasch,  Fife Tudor Apartments is located at 5610 23rd St E in Fife, WA. The property was constructed in 1976 with significant value-add potential. The unit mix consists of 23 one-bedroom/one-bath units, 19 two-bedroom/one-bath units for a total of 42 units. The seller owned the property for 25 years and cashed-out to avoid potential capital gain increase. The Fife Tudor Apartments sale will set new records for highest price per unit as well as lowest cap rate among pre-2020 construction in Fife, WA.

About Marcus & Millichap (NYSE: MMI)

With over 2,000 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 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap 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.