By Kate Snyder
Shoreline continues to attract investors to its multifamily market. An apartment complex in the city’s Richmond Highlands neighborhood was sold for $13.8 million, or about $276,000 per unit, according to King County public records. The buyer was an entity affiliated with Mill Creek Residential, a real estate investment and development firm, and the seller was an entity affiliated with Garden Park Apartments LLC and Brian Robinson.
Located at 17802 Linden Ave. N, the two-story building comprises 50 units, according to property records. Apartments.com shows that the community offers one-bedroom townhouse-style apartments with amenities that include large windows and “spacious” layouts as well as a parking spot for each resident. The complex is located just west of Aurora Avenue North and is near the Shorewood High School, several churches and other residential properties.
Mill Creek Residential has national offices in Florida and Texas as well as regional offices throughout the country, according to the firm’s website. The company specializes in the investment, development, construction, acquisition and operation of rental communities throughout the nation. Since 1993, the firm has participated in the development of more than 275,000 rental homes and executed more than $25 billion in transactions.
In addition to its new acquisition in Shoreline, the firm owns a number of residential communities in Seattle as well as Redmond, Everett and Lacey.
One of Mill Creek’s Seattle properties traded hands in an equity deal earlier this year, as both the buyer and seller are entities that share addresses with Mill Creek. Modera Broadway was sold for $105 million, or approximately $460,526 per unit, according to previous reporting from The Registry. The apartment community is a 228-unit mixed-use apartment community with approximately 9,125 square feet of retail space in two buildings located at 1732 and 1812 Broadway in Seattle’s Capitol Hill neighborhood.