Colliers’ multifamily team represents buyers in value-add acquisition of 25-unit apartment building.
Seattle, Wash.– November 17, 2021 – Colliers, a leading diversified professional services and investment management company, has successfully facilitated the off-market purchase of The Marco, a 25-unit appartment building in the Roosevelt submarket of North Seattle. The Colliers team was comprised of multifamily experts Tim McKay, Dan Chhan, Sam Wayne, Matt Kemper and Adam Groberman, who sourced the opportunity and represented the buyers, a local syndication group, in the transaction. The sale closed today for $7,280,000.
The Marco is well positioned for immediate in-place income with notable value-add potential. The apartment building was originally built in 1970 and is currently renting its units near market rate. Fourteen of the 25 units have seen renovation over the past two years, allowing the new ownership to continue a proven model of interior and amenity upgrades, while simultaneously taking advantage of the region’s steady rise in both occupancy and rents following the COVID-19 pandemic.
“Marco Apartments represents a solid value-add investment opportunity in a high growth submarket,” said McKay “This is yet another example of our team’s ability to connect a seller and buyer in an off-market transaction.”
The Marco is located at 9100 Roosevelt Way NE in the Roosevelt submarket in North Seattle. Its close proximity to main arterials offers immediate access to mass transit, major employers, and area amenities. This submarket is in a position for outsized growth. According to CoStar Analytics, vacancy in the 98115 zip code has dropped to an all-time low of 2.6%, with rental rates just 0.1% shy of record highs. The year-over-year rent growth in 2022 is forecasted to reach upwards of 12% as the market rises out of the pandemic and employment drivers continue to push demand in the region.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 26 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.6 billion ($4.0 billion including affiliates) and $46 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people.