IPA Brokers Sale of West Seattle Asset

Willowcrest Apartments. Image via Google Street View

Institutional Property Advisors, a Marcus & Millichap division, has secured the sale of Willowcrest, a 75-unit community in Seattle. Willowcrest Apartments LLC, associated with Investco, sold the asset for $18.8 million, or $251,000 per unit. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske represented the seller and procured the buyer, Raymond Capital Advisors.

Located at 2425 SW Webster St., on approximately 2 acres in West Seattle, the property provides convenient access to various entertainment and shopping venues including The Home Depot, EC Hughes Playground, Riverview Playfield, 7-Eleven and other dining options. Additionally, Seattle’s central district, Renton, as well as Seattle-Tacoma International Airport and Kent Valley are nearby.

Built in 1988, Willowcrest features a mix of one- and two-bedroom units averaging 780 square feet. In-unit amenities include a full-size washer and dryer, wood-burning fireplace and a private patio or balcony.

In another recent deal, IPA worked on behalf of both the seller and buyer for the acquisition of Bloom 24 for $17.2 million.

If you’d like to be featured in Brokers’ Corner, send your deal to deals@cpe-mhn.com.

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