For those of you who profit from keeping up with multifamily sales comps from the state of Washington, we’ve got three recent transactions to report. Ranging in price from $1.5 mil to $2.4 mil, the deals are from Seattle, Spokane and Camas, a smaller town located just north of Portland, OR within the WA state border.
The largest of the three sales took place in Spokane, where the 63-unit Parkview Apartments, located at 1413 East 7th Ave, sold for $2.4 mil ($38k/unit). Parkview Apartments operates under the terms of a HUD Regulatory Agreement and Section-8 subsidy, providing affordable housing to qualified low-income residents. The acquisition was accomplished with Low-Income Housing Tax Credits and bond financing. The property was sold by Parkview Associates, out of Seattle, to Parkview Partners LP, also from Seattle.
In Camas, Gresham, OR-based KMC Investment Group paid $2.03 mil for Riverside, a 28-unit ($72.5k/unit) apartment complex at 225 NE Sumner St. Grayson Pounder of Hendricks & Partners brokered the transaction for the buyer and the seller, Vretenar LLC, out of Port Orchard, WA.
And in the Seattle deal, the eight-unit TownView Apartments property at 1222 Taylor Ave North was acquired by 1222 Taylor LLC, out of Bellevue, for $1.53 mil ($191.3k/unit). According to Josh Blake of Hendricks & Partners, who repped the seller, Mukilteo, WA-based 1222 Taylor Ave N LLC, “The combination of an excellent southeastern Queen Anne location and very credible rental upside created a very attractive investment opportunity.” John Shaw, also with Hendricks, represented the buyer.
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