Sobrato Pays $33M for Metro Seattle Community
The company entered the submarket earlier this year.
The Sobrato Organization has purchased Park Metro Apartments, a 78-unit community in Seattle’s suburb of Bellevue, for $33 million or $423,077 per unit. Institutional Property Advisors arranged the sale on behalf of the seller, Northpoint Parkmetro LLC, and procured the buyer.
Earlier this year, The Sobrato Organization entered the Bellevue, Wash. market with a multifamily deal. Namely, the company paid $192.9 million for Soma Towers, a 273-unit asset, previously owned Su Development. Sobrato’s national portfolio currently includes approximately 7,600 residential units.
A metro Seattle asset
Park Metro came online in 2014 at 11101 NE 12th St. The six-story property encloses studio, one- and two-bedroom apartments ranging between 382 and 1,105 square feet. Shared amenities include resident lounge, rooftop terrace, fitness center, EV charging stations and 2,500 square feet of street-level retail.
The Bellevue property is near Interstate 405, which connects Park Metro to downtown Seattle, some 11 miles west. Across the street from the community are Kaiser Permanente Bellevue Medical Center, Overlake Medica Center and a Whole Foods Market.
Institutional Property Advisors Senior Managing Directors Napoli Assouad, Philip Assouad and Ryan Harmon, together with Director Nick Ruggiero, and Senior Director Anthony Palladino, arranged the transaction on behalf of the seller.
Seattle multifamily sales surge
In the first eight months of the year, Seattle saw $2.4 billion in multifamily sales, with 38 properties trading at an average per-unit price of $337,321, according to Yardi Matrix information. The figure is significantly higher than last year’s, when the metro registered a total of $1 billion in sales during the first eight month, with 31 properties changing hands at an average price of $300,289 per unit.
The Seattle multifamily market had a good start this year, with advertised asking rents rising 0.5 percent on a trailing three-month basis as of May, to $2,246, a recent Yardi Matrix metro report shows. Meanwhile, the metro’s occupancy rate fell 30 basis points compared to the same time last year, to 95.1 percent in April.
