By Meghan Hall
Local investors are working harder than ever to break into the market, and many are succeeding even as the region’s commercial real estate industry has become more competitive. In a recent deal, the Mount Si Apartments in North Bend, Wash., sold for $15.5 million, or about $322,916 per unit. The buyer of the property is an LLC affiliated with Brad Klahr, Mohamed Daher and Aghati Mekkaoui. Klahr and Daher sit on the Board of Directors for Denali Advanced Integration, a global IT provider, while Mekkaoui works at the company as a controller.
Public records indicate that the seller is a limited partnership based in Danville, Calif., a suburb of the San Francisco Bay Area. The limited partnership is affiliated with Braddock & Logan Construction.
The asset is located at 475 E North Bend Way. King County records show that the complex was originally constructed in 1986 and includes 48 units spread across three buildings. The community sits squarely between Si View Park and Torguson Park. A QFC, as well as Twede’s Cafe, North Bend Bar & Grill, Huxdotter Coffee and other retailers are within close distance. The North Bend Premium outlets are also nearby.
Throughout the past several months, a number of multifamily properties have sold. Laird Norton recently acquired two apartment buildings in Capitol Hill for a combined $42 million, while in Tacoma, the Grand Pacific Apartments traded to a number of local individuals for $33.5 million, or about $250,000 per unit.
The stability of the asset class nationwide has been the focus of investors more than ever, with the nation recording $78.7 billion in sales volume during the third quarter of 2021, according to a recent analysis by Newmark. The figure is the largest quarterly sales volume on record, marking a significant milestone in the multifamily industry’s history.