Home Industry News Seattle Micro-Unit Apartment Building Sets Pricing Record at $790/NRSF

Seattle Micro-Unit Apartment Building Sets Pricing Record at $790/NRSF

Natural and Built Environments, Colliers International, Colliers’ Seattle Multifamily Team, Seattle, Puget Sound

July 2017, Seattle, WA – Colliers’ Seattle Multifamily Team of Dylan Simon and Jerrid Anderson closed the sale of the region’s 3rd ever sale of a micro-unit apartment building, Emerald 10, in Seattle’s First Hill neighborhood. The sale marks a new pricing high watermark for any wood-frame apartment building, selling for $790 per net rentable square foot (NRSF). The sale closed for $5,000,000.

Built in 2012, Emerald 10 is a LEED Platinum Certified building with 36 loft and micro units, averaging just over 170 square feet per unit. The building is configured with five community spaces containing kitchens and centralized laundry facilities.

Emerald 10 is perfectly located in Seattle’s First Hill neighborhood with proximity to the city’s major medical campuses and steps from Seattle University. Downtown is an easy commute for working professionals and service workers alike. Amenities and nightlife are abundantly close, with easy access to Capitol Hill and Pioneer Square.

This is the 3rd micro-unit apartment building ever sold in the Puget Sound region, and the Seattle Multifamily Team brokered all three sales. The record setting sales price of $790 per NRSF is a new pricing benchmark for both micro-unit apartment buildings, as well as conventional wood-frame buildings.

Investors are catching on to the investment returns that micro-unit and SEDU buildings offer, and the Seattle Multifamily Team leads the market in representing sellers in this unique segment of the market.

Dylan Simon, Senior Vice President, and Jerrid Anderson, Senior Associate, of Colliers International’s Seattle office represented the seller, Natural and Built Environments, in the sale of Emerald 10 to a local Seattle investor.

About Natural and Built Environments
Natural and Built Environments is a Puget Sound real estate investment and development company that values sustainability and green living. The company invests in transforming existing and new properties to new levels of sustainability through solar and wind technology, rain gardens, usage of local materials, and more.

About Colliers International
Colliers International (NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide.

About Colliers’ Seattle Multifamily Team
Colliers’ Seattle Multifamily Team is based in downtown Seattle and is comprised of seven highly qualified real estate professionals specializing in assisting apartment investors and developers in the Seattle and Puget Sound region. The Team focuses on representing buyers and sellers of apartment buildings and development sites from 5 units to 500 units.
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