The seller of the 126-unit complex was California Real Estate Management of San Jose, CA, and the buyer was Fairfield Residential of San Diego. Bother parties were represented by Kenny Dudunakis of the Seattle office of Hendricks & Partners.
In April, Hendricks & Partners also brokered the sale of Sunset Vista Apartments in Renton, a $5.5-million deal, and University Glen Apartments, near Tacoma, for $4.1 million.
Thomas Wick, the managing member of Base Capital LLC told GlobeSt. Com earlier this spring that in the right niche multifamily continues to do well. And despite the fact that Boeing jobs are going, the Bellevue-headquartered merchant banker and real estate developer says he's seeing signs of strength in some of Puget Sound's outlying areas.
Wick says that Base Capital is currently constructing about 1,000 apartment units in a total of six projects (Lynwood, South Everett, Mill Creek, Bainbridge Island, Covington and Puyallup) and he expects there to be no problem with occupancy.
"We just finished one private placement through Seattle Northwest Securities for $17 million," Wick says. "And, out of 168 units we're only been running two to five vacancies per month."
Meanwhile, Downtown apartment owners have launched a $75,000, joint marketing campaign in an effort to drum up more tenants. The pilot program was to end last month.
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