Greg Laycock, with the Seattle office of Cushman & Wakefield, has brokered a number of multi-family properties throughout the Puget Sound. "The (Alexan) price is astronomical for Renton," Laycock informs GlobeSt.com. According to his records, the most previously fetched was $111,875 per unit.
Laycock says the Alexan transaction was driven by the 1031 tax-consequences hovering above the head of the buyer, a Mr. Sobrato of Cupertino, Calif. According to Laycock, Sobrato has been quickly hunting for properties where he could stash cash from a whopping $350 million in transactions.
As a result, says Laycock, the Alexan's price is more comparable to the Bellevue submarket than its own, where apartment sales typically range between $40,000 per unit and $80,000 per unit. The La Chateau in South Bellevue sold for $188,095 per unit three years ago, says Laycock.
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