SEATTLE—On behalf of the Wolff Companies, JLL's Capital Markets experts have concluded the sale of two multifamily assets to ASB Real Estate for a total price of $88.85 million.
Sunset Electric, a 92-unit multifamily asset to ASB Real Estate for $41.75 million. REO Flats, a 108-unit property was sold to ASB Real Estate for $47.1 million.
The properties are located in Capitol Hill, which JLL describes as "Seattle's live, work, play epicenter."
Managing director David Young, executive vice president Corey Marx, senior vice president Seth Heikkila and vice president Matt Kemper led the JLL team on the transactions.
“Seattle's multifamily fundamentals are firing on all cylinders and properties that are walkable to restaurants, retailers and entertainment venues are at the top of investors' wish lists,” said Young. “Sunset Electric caters to today's renter and the property will deliver strong returns going forward.”
Sunset Electric is located in Seattle's Pike/Pine Corridor, near the area's top employers. Units feature open floor plans and community amenities include an open-air interior courtyard and a rooftop deck. The asset is one of the few LEED platinum apartment communities in the Pacific Northwest.
The building was recently honored as the 2014 Seattle Daily Journal of Commerce building of the year based upon reader votes, with many commenting on the building's blend of historic design and modern touches.
REO Flats is located near Seattle's major employment hubs, transit options and top dining, entertainment and retail venues. Amenities include high-end finishes, a rooftop deck, skyline views and a preserved, historic brick façade.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 1,700 specialists, operating all over the globe.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
