Colliers Closes $27M Seattle Sale
- Dec 29, 2017
Colliers International has arranged the sale of Citywalk Apartments, a 102-unit community in Seattle’s Northgate neighborhood. The asset changed hands for $26.9 million, corresponding to $263,725 per unit and approximately $292 per net rentable square foot.
Executive Vice President Dylan Simon and Vice President Jerrid Anderson of Colliers International’s Seattle office represented the sellers, Essex Property Trust Inc. and its institutional equity partner. RISE Properties Trust, not represented by a broker, was the buyer.
The 2.6-acre property is situated at 1130 North 115th St., north of downtown Seattle and in close proximity to the Northwest Hospital, while the Northgate Mall is a five-minute drive away. The development will provide convenient access to the University District, after the completion of the Northgate light rail station. Under construction since 2012, the Northgate Link extension is slated to open in 2021.
The community was constructed in 1987 and comprises four residential buildings and an amenity clubhouse. According to Yardi Matrix data, the asset features one- and two-bedroom apartments and had a 97 percent occupancy rate as of November 2017.
Colliers recently secured financing for another 286-unit luxury community near Boston.
Image courtesy of Colliers