SEATTLE—Marcus & Millichap Real Estate Investment Services, has arranged the sale of Elliott Bayview Apartments, a 41-unit apartment building in Seattle. The $14,650,000 sales price equates to $357,317 per unit and $518 per square foot. The price per square foot is the highest ever achieved by a multifamily property of less than 100 units in Seattle.

Timothy McKay, senior associate, and Daniel Chhan, associate, both in the Seattle office of Marcus & Millichap, represented the seller, a local developer, and the buyer, a Los Angeles-based family investment company.

“This transaction perfectly highlights the firm's ability to move capital around the country, with particular emphasis on the West Coast in this case,” says McKay. “We began working with the property's developer about halfway through the construction process and over the span of approximately 120 days we spoke with a number of local, regional and national apartment buyers. Ultimately, we reached out to a representative of the buyer, whose company was in a 1031 exchange,” adds McKay. “The transaction progressed smoothly and we closed on time; just 44 days following the effective date.” 

“Multifamily property investors target Seattle because of its extremely strong local economy and high barriers to entry,” concludes Chhan.

Constructed in 2012, the 28,296-square foot property is located at 151 John St. in Seattle's Queen Anne neighborhood.