Madison Residential Acquires Seattle Community
Opus Bank provided the buyer with more than $12 million in financing for the nearly $16 million acquisition. The 77-unit asset last changed hands in 2014 for $7.6 million.
Randolph Street Realty Capital has sold the Marina Club Apartments, a 77-unit community near Seattle, for $15.7 million to Madison Residential, according to Yardi Matrix. The buyer took $12.1 million in acquisition financing from Opus Bank.
Randolph Street had purchased the property in November 2014 for $7.6 million from Timberlane. Following the acquisition, the firm invested in capital improvements to the clubhouse and many of the community’s units.
In December, Randolph Street sold a 15-unit community in Chicago’s Logan Square neighborhood. The property fetched a $5.4 million price tag.
Marina Club is located at 2445 S. 222nd St. in Des Moines, Wash., approximately 15 miles south of downtown Seattle. Both the Pacific Highway and Interstate 5 are nearby, with Seattle-Tacoma International Airport roughly 3 miles to the north. The area is also home to a wide variety of retailers and hotels.
The community’s eight buildings, opened in 1987, contain a mix of one-, two- and three-bedroom units, with floorplans ranging from 580 to 1,013 square feet. Property amenities include a swimming pool, a laundry facility in each building and approximately 90 parking spaces. Covered parking is available for an additional charge.
Image courtesy of Yardi Matrix