By Jack Stubbs
Two adjacent apartment properties in Seattle changed hands earlier this week.
On Monday, June 18th, two adjacent assets in Seattle’s Magnolia neighborhood—which combined contain 57 units—sold for $15.75 million, or approximately $276,316 per unit, according to public records filed with King County. The buyer was Orep Magnolia LLC, en entity based in Seattle. The two assets were sold Virginia Sheridan, an individual also based in Seattle.
According to public documents, the sale was for two properties that sit adjacent to each other. The first property, located at 2727 W. Manor Place, includes the 4-story Magnolia Crest Apartments, a building constructed in 1968 that contains 24 units. The second property is located at 3520 28th Ave. W., and contains the 4-story, 33-unit Magnolia Apartments. According to the property listings on apartments.com, the two properties offer units that range in size from one- to three-bedroom, and range from 700 to 875 square feet. The Magnolia Crest Apartments offers high-speed internet, surface parking and an interior elevator.
The two properties are adjacent to the Magnolia Manor Park and also sit in close proximity to several other multifamily properties including the Magnolia Manor, Magnolia Vista, the Magnolia Marinwood Apartments and the Overlook at Magnolia Apartment Homes.
There have been a number of apartment sales in Seattle’s Magnolia neighborhood in recent months. On August 16th 2017, the 50-unit Maggie Apartments was sold by an entity associated with the Worden family for $14.565 million, or approximately $291,300 per unit. And on August 25th, an entity associated with the Worden family purchased the 30-unit Magnolia Marinwood Apartments for $12.6 million, or approximately $420,000 per unit, from Columbia Partners Business Park LLC, an entity associated with Joseph H. Razore of Bellevue.
According to a 2018 Knowledge Report written by Colliers International’s Seattle Apartment Market team, there are 8,182 new multifamily units set to be delivered in Seattle in 2018, with another 9,197 set for delivery in 2019. The vacancy rate in Seattle’s Magnolia neighborhood currently sits at 3.5 percent for properties constructed in 2009 or earlier, and the average rental rate for apartments in Magnolia is $1,651, according to the report.