By Meghan Hall
Investor interest in suburban residential markets remains high, especially in the Puget Sound as the region continues to grow. In a two-part transaction that was recorded just before Christmas, the Woodridge and Willowbrook apartment complexes in Edmonds, Wash., sold for a combined $21.5 million. According to public documents, the seller was affiliated with Seattle-based Stanley Real Estate, Inc., while the buyer is an entity associated with Bellevue-based Woodridge-Edmonds and Willowbrook-Edmonds LLC.
Both sales closed at $10.75 million apiece. IPA’s Giovanni Napoli, Philip Assouad, Ryan Dinius, and Sidney Warsinske were involved in the transaction and represented the buyer.
The Woodridge Apartments includes 48 units, and the complex was built in 1980. The Willowbrook Apartments were constructed in 1976 and includes 52 units. The asset includes a mix of one- and two-bedroom units.
The seller, Stanley Real Estate, is a full-service commercial brokerage, property management, and development company that has been in business since 1984. Other buildings currently part of the firm’s portfolio include several office assets, such as the Polson Building in Downtown Seattle, as well as the L&L Northrup building in Bellevue.
Over the past several months, a number of multifamily transactions have closed, even as vacancy and unemployment in the region have trended upwards. In one of the bigger sales this year, Kiara in South Lake Union sold for $320 million to Oxford Properties Group, while Modera First Hill sold for $125 million to Global Asset Capital. In more recent weeks, the 51-Unit Park Luxury Townhomes in Puyallup traded for $17 million, and Lakewood’s Beaumont Grand complex attracted a new equity partner for $62.25 million. Taken together, the transactions show there is still movement in the market, even after a slow 2020.