(EDITOR’S NOTE: The property sold for just over $68,000 per unit.)
Sedro-Woolley, WA – 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 Logan Park Apartments, a 47-unit apartment property located in Sedro-Wooley, WA. The asset sold for $3,200,000 at a 4.5% cap rate.
“With LIHTC assets outperforming market rate assets in terms of lower collections and lower vacancy this offering in the North Puget Sound saw strong investor interest generating multiple offers. Investors have an increased interest in LIHTC assets due to the available debt, newer vintage of most assets, and the ability to buy well below replacement costs,” commented Nate Kiger, Associate. Timothy Ufkes and Nate Kiger of the Ufkes Group 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, an individual/personal trust, was secured and represented by Timothy Ufkes and Nate Kiger, investment specialists in Marcus & Millichap’s Seattle office.
Logan Park Apartments is located at 701 Sapp Road, Sedro-Woolley, WA. The property was constructed in 2002, and consists of two-bedroom unit and three-bedroom units. The LIHTC property itself also include amenities such as ample parking.
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.