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11/04/21
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MIG Real Estate bought Solara, a 238-unit multifamily community in North Seattle, in an $84 mil transaction that works out to $353k/unit. The asset was sold by Sares Regis Multifamily Funds, a multifamily value-add investment manager based in Newport Beach.
Built in 2001, Solara is a three-building, mid-rise apartment community located at 12736 Lake City Way NE in North Seattle. The property has studio, one-, two- and three-bedroom units and 5.8k sf of ground-floor retail, home to a bakery café and The Beer Authority, among others. Community amenities include a 24-hour fitness center, resort-style pool, recently updated community room and resident lounge, game room, Wi-Fi café, conference room and landscaped courtyard.
CBRE’s Jon Hallgrimson, Eli Hanacek, Frank Bosl and Kyle Yamamoto represented Sares Regis in the deal. Bill Chiles, Scott Peterson and Brian Cruz with CBRE Capital Markets in San Diego partnered with CBRE’s Seattle multifamily team in arranging $62.6 mil in financing for the acquisition on behalf of MIG Real Estate.
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