Seattle Community Trades for $78M
The property last changed hands for $29.8 million, in 2014.
Park South Apartments. Image courtesy of CBRE
Jackson Square Properties has sold Park South Apartments, a 252-unit multifamily community in Seattle. Canadian REIT RISE Properties Trust and Tokyu Land US Corp. are the new owners. The property sold for $78.2 million, according to King County records.
CBRE represented the seller. The property last traded in 2014, when Friedkin Realty Group acquired it from MG Properties Group for $29.8 million, according to Yardi Matrix.
Park South Apartments is located at 10102 8th Ave. S., encompassing 23 buildings including one- and two-bedroom units between 660 and 989 square feet. Apartments feature washers, dryers, vault ceilings and wood-burning fireplaces. Common-area amenities include a fitness and spa center, a business center, a clubhouse, two swimming pools and 400 parking spots.
The property is situated near Highway 99, Interstate 5 and State Route 509. It is also 5 miles from King County International Airport, 6.7 miles from Seattle-Tacoma International Airport and 8 miles south of downtown Seattle.
Vice Chairmen Eli Hanacek and Jon Hallgrimson, Executive Vice President Mark Washington and First Vice President Kile Yamamoto of CBRE’s Seattle multifamily team worked on behalf of the seller.
The local multifamily market is more than making strides, and has been recording strong gains as of late. On a monthly basis, Seattle was among the best-performing major U.S. markets for rent growth in June, with rates up 1.8 percent. On a year-over-year basis, the average metro Seattle rent advanced 15.9 percent, above the 13.7 percent U.S. figure, Yardi Matrix data shows.
