2 Microunit Multifamily Assets Change Hands
- Mar 13, 2019
East To West Capital, an independent private equity firm specializing in real estate investments in the U.S. and Europe, has secured the sale of two microunit multifamily communities: The Redwood, a 75-unit community in Seattle and Koz on Yamhill, a 30-unit property in Portland, Ore. Wilshire Capital Partners acquired both assets for a total of $23.4 million. CBRE’s Seattle office worked on behalf of East To West Capital in the transaction.
Located at 111 21st Ave. East, in the Pike-Pine Corridor, The Redwood sold for $17.5 million, or $918 per square foot. Various restaurants, shopping and entertainment venues are in close proximity to the property. Built in 2017, in a partnership with Johnson & Carr, the community includes common-area amenities such as bike storage, rooftop deck with a barbecue, outdoor courtyard, Wi-Fi and on-site laundry.
Completed in 2017, Koz on Yamhill sold for $6.8 million. Koz, a local developer developed the property. The community is located at 2165 SW Yamhill St., close to downtown Portland and various restaurants, dining and entertainment options including Taco Bell, Kingston Sports Bar & Grill, RingSide Steakhouse, Zupan’s Market and Trader Joe’s are nearby. Common-area amenities include on-site laundry facilities and bike storage.
“We came to the U.S. bullish on the real estate investment climate here, believing that the development and management of microunit apartments could be a tremendous niche investment opportunity,” Andrea Cassandro, managing partner of East To West Capital, said in a prepared statement. “That thesis has been borne out with great locations in highly specialized markets and great development partners.”
Image courtesy of Yardi Matrix