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Cal Park Three Footprint-branded micro apartment buildings in Seattle recently sold at full list price.

SEATTLE—Micro-units continue to make waves in this market, even though city regulations now prevent the development of this type of unit. However, the product remains in high demand among renters. As the Seattle apartment market embraces the delivery of the largest development pipeline in its history, less than 1% of new development is micro apartment units–ensuring little competition for decades to come.

The latest example is the sale of three Footprint-branded micro apartment buildings, each selling at full list price of $28.4 million total. Of those three buildings, two are located in Seattle’s Capitol Hill neighborhood and the third is in the Eastlake neighborhood. A fourth building in the portfolio, located in the MadisonMiller neighborhood, is currently pending sale with a closing date this month.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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