By Jack Stubbs
With just a few days left in the calendar year—and various multifamily apartments properties throughout Seattle having changed hands for sizable sums over the last few weeks—it appears that investors seem intent on snapping up in-demand multifamily complexes.
On December 19th, the Village West Apartments sold for $12.5 million, or around $298,780 per unit, King County records show. The buyer was Ianni Westwood LLC, an entity affiliated with Seattle-based Trinity Real Estate. The seller was Westwood Vista IR LLC, an entity based in Medina and associated with Debra Ricci.
The Village West Apartments, located at 2200 SW Barton St., is a four-story property constructed in 1968 that comprises 41 units, according to the listing on loopnet.com. Village West offers a mix of two- and three-bedroom units that range from 850 to 1,350 square feet and rent for between $1,783 and $2,095 per month. The property has undergone a complete renovation and reposition over the past two years, giving it a contemporary design and the appeal of newer construction, the listing states.
Located in the Roxhill neighborhood of West Seattle, the complex is roughly seven miles from Sea-Tac Airport and just over twenty miles from the Kenmore Air Harbor Inc. Airport, also sitting approximately six miles from the King Street Station Commuter Rail in Seattle’s International District.
Since 2001, Trinity Real Estate has provided guidance and service to family offices and organizations throughout the Pacific Northwest, and to institutional investors nationwide, according to the company’s web site. The company’s principals have acquired, managed, developed and repositioned more than $9 billion in assets spanning all sectors of real estate.
In mid-June, the 62-unit Nova Apartments in West Seattle–located at 4600 36th Ave. SW in the Delridge Neighborhood of West Seattle—sold for $18.3 million, or approximately $295,161 per unit, with MHE Real Estate acquiring the property from New York-based Zurich Alternative Asset Management.
The sale of the Nova Apartments came a couple of months after Marina Del Rey, CA-based MHE Real Estate spent $18.7 million, or approximately $301,602 per unit, to acquire the 62-unit Strata on California Apartments located at 6312 California Ave. SW.
And in late October, Marcus & Millichap announced the $2.17 million sale of a West Seattle development site with the potential for a 75-unit project. Currently a small home built in 1910 sits on one of the three parcels included in the Harbor Ave Development sale. The property is a unique development opportunity with approximately 200 feet of frontage on Harbor Avenue SW. The site consists of 17,015 square-feet of C1-40 zoned land, with the possibility to add an additional 15 feet of bonus height up to 55 feet via the HALA program, according to a statement released by Marcus & Millichap.