SEATTLE-The popularity of acquiring core multifamily properties in the Puget Sound region continues, according to CB Richard Ellis Inc., as three Seattle close-in properties totaling 173 units sold for $33.3 million, or $192,196 per unit. The Q and The Park, situated on Queen Anne Hill and the Summit in the Capitol Hill neighborhood were sold by Granite Peak Partners to an undisclosed institutional investor.
CBRE’s Jon Hallgrimson, executive vice president and Mark Zoffel, team leader of the Seattle private client group represented the seller in the transaction. All three properties were recently repositioned in the market, undergoing renovations that totaled nearly $4 million.
Low vacancy rates, the lack of new supply in the next 18 months coupled with corporate headquarter growth in close proximity to all three properties helped drive the sale. “This deal continues the trend of core-Seattle properties trading at a premium,” states Zoffel. “Investors are aggressively underwriting, believing they are on the leading edge of an investment upswing, much like the scenario leading into 2005.”
As GlobeSt.com previously reported, the private investment fund of Granite Peak Partners, the Santa Barbara, CA-based real estate investment firm, purchased the three properties for $34.25 million in December 2006.
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