(EDITOR’S NOTE: According to public documents, the property traded for $72.325 million. The transaction closed on January 26th.)
SEATTLE, Jan. 27,2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Modera Jackson, a five-story contemporary mixed-use apartment community with 160 residential units and 8,069 square feet of street-level retail in Seattle, Washington. The seller is Boca Raton, Florida-based Mill Creek Residential. The buyer is Bell Partners.
“Modera Jackson is an upscale apartment building designed for urban-paced residents seeking an unparalleled community experience,” said Philip Assouad, IPA senior managing director. “The new owner recognizes that Seattle is one of the top cities for young professionals and its significant employment base will continue to be a long-term national leader in technology, life sciences, and healthcare.” Assouad and IPA’s Giovanni Napoli, Ryan Dinius, and Sidney Warsinske handled the brokerage assignment on behalf of the principals. “We saw enormous potential in this neighborhood when we made our initial investment five years ago,” commented Meredith Holzemer of Mill Creek Residential. “This location offers all the convenience and amenities of other close-in submarkets at an attractive price point for our residents. I believe there is opportunity for further growth in the region in the coming years as the Jackson Street corridor continues to transform.” Mill Creek Residential has developed six communities in Seattle, and recently announced the groundbreaking of Modera Overlake, a luxury mixed-use property one half-mile from Microsoft’s world headquarters in Redmond, Washington.
Located just east of Downtown Seattle, Modera Jackson is near the city’s International District, Capitol Hill, and First Hill neighborhoods. Residents are within walking distance of two stops on Seattle’s new First Hill Streetcar Line, shopping, nightlife, and a diverse culinary scene. The University of Washington and Seattle University are within 10 minutes of the community. With over 328,000 jobs in its downtown core, Seattle is the largest employment center in the Pacific Northwest. Fortune 500 companies headquartered in the city include Amazon, Nordstrom, Starbucks, and Weyerhaeuser. Among other major employers are Apple, Facebook, Google, Microsoft and Twitter. “Seattle’s average household income is over $125,000 and 52% of its residents reside in renter-occupied housing,” Napoli said.
Built in 2018, Modera Jackson has many floor plans, including studios, one- and two-bedroom homes and six live-work units. Apartments have nine-foot ceilings, keyless entries, roller shades, and luxury vinyl flooring throughout. Select homes have direct patio access, Juliette balconies, and walk-in closets. Community amenities include an outdoor courtyard, fitness center, theater, and a top-floor club room opening onto a roof deck with city skyline, mountain, and water views.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
About Mill Creek Residential
Mill Creek Residential Trust LLC is a national rental housing company focused on the development, acquisition and operation of rental communities in targeted markets nationwide. The national company, headquartered in Boca Raton, Florida proactively develops, acquires, constructs and operates communities through its seasoned team of real estate professionals in offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Nashville, Charlotte, Raleigh, Washington, D.C., New Jersey, New York, and Boston. As of June 30, 2020, the company’s portfolio is comprised of 85 communities representing over 24,700 rental homes that are operating and/or under construction.