Top 5 Multifamily Transactions in Seattle
- Oct 07, 2021
Investment activity in Seattle’s multifamily market amounted to more than $1.77 billion in the first eight months of 2021, according to Yardi Matrix data. Last year during the same interval, sales volume totaled nearly $851 million.
This year through August, 26 properties totaling 4,641 units changed hands at an average per-unit price of $358,917. While the number of assets and overall sales volume doubled compared to 2020 when 13 properties encompassing 2,180 units sold between January and August, the average price per unit was slightly down from last year ($390,357).
The table below highlights the five largest deals closed this year through August, totaling $896 million. The assets are concentrated in two of the metro’s suburbs: Redmond and Belleview.
|Rank||Property Name||Units||Buyer||Seller||Total Sale Price (MM)|
|1||Hyde Square||618||DWS||Carmel Partners||$279.10|
|2||Main Street Flats||425||Oaktree Capital Management||Alamo Manhattan||$232.50|
|4||Zephyr on the Park||193||Equity Residential||Trammell Crow Residential||$105.50|
|5||Redmond Place||222||Acacia Capital||AvalonBay Communities||$97.70|
Source: Yardi Matrix
5. Redmond Place
The first entry on the list is the $97.7 million sale of Redmond Place. AvalonBay Communities sold the Redmond property after 24 years of ownership.
Acacia Capital bought the 222-unit community with the help of a $57.7 million Fannie Mae acquisition financing from Walker & Dunlop.
Located at 8935 160th Ave., Redmond Place is close to major employers such as Microsoft, Nintendo and Evergreen Health, and is a little more than 16 miles from downtown Seattle. Completed in 1990, the asset comprises one- to three-bedroom apartments, with common-area amenities such as a spa, fitness center and pool.
4. Zephyr on the Park
Trammell Crow Residential sold the recently completed property for $105.5 million to Equity Residential in mid-August. In 2018, the developer received $42.2 million in construction financing from Comerica Bank.
Located at 8020 161st Ave. NE, the 193-unit property previously known as Alexan Central Park is a little over 15 miles from downtown Seattle. Common-area amenities include a rooftop deck, pet grooming station and bike storage. The luxury community offers a mix of studios and one- to three-bedroom apartments ranging from 452 square feet to more than 1,500 square feet.
The 259-unit Brio Apartments in Bellevue traded for $170 million in July, when UDR bought the luxury community from Su Development.
The seven- and 27-story tower situated at 11130 NE 10th St. was completed in October 2020 and is some 11 miles east of downtown Seattle. MUFG Bank originated a $65.6 million construction loan in 2017 for the developer.
The community comprises studios and one- and two-bedroom apartments and includes 20 units designated as affordable. Common-area amenities include coworking spaces, EV charging stations and an indoor swimming pool.
2. Main Street Flats
Alamo Manhattan sold the 425-unit luxury property in mid-July. A joint venture between Oaktree Capital Management and Hines spent $232.5 million for Main Street Flats.
Located at 10575 Main St. in Bellevue, the asset is steps from a selection of dining and shopping choices, less than a mile from Interstate 405 and some 10 miles from downtown Seattle. The community was delivered in phases in 2015 and 2019; JPMorgan Chase provided construction financing amounting to $45.3 million and $40.4 million, respectively.
1. Hyde Square
The largest transaction to close in the first eight months of the year was Carmel Partners’ $279.1 million sale of Hyde Square in Bellevue. DWS acquired the 618-unit community roughly two years after its delivery.
As part of the deal, the new owner assumed the outstanding balance of a $128.5 million loan held by AXA Investment Managers.
Situated at 2030 155th Place NE, Hyde Square is roughly a mile from Microsoft’s corporate headquarters and within walking distance of several public transit options, as well as some 13 miles from downtown Seattle. Community amenities include two lounges with rooftop access, a wellness center with indoor sauna, and concierge services.
Yardi Matrix covers all multifamily properties of 50-plus units across 140 markets in the United States. This ranking reflects transactions within that sample group.