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335-Unit Complex Fetches $47M-Plus

SEATTLE-An entity of locally based Weidner Investment Services acquires the Magnolia neighborhood property last month from an investment vehicle for CalPERS. Red Mortgage Capital arranged $38 million in acquisition financing.

By Brian K. Miller | Updated on November 15, 2005

(To read more on the multifamily market, click here.)

SEATTLE-The 335-unit Overlook at Magnolia changed hands last month for $47.7 million, according to King County records. An entity of locally based Weidner Investment Services acquired the 30-year-old property in this city’s Magnolia neighborhood from SSR Western Multifamily LLC, an investment vehicle for CalPERS that acquired the property in 1998 for $33.9 million.

Located on a west-facing slope at 3530 27th Pl. W., the Overlook at Magnolia is the largest property in the Magnolia neighborhood, which juts out into the Puget Sound about 15 minutes north of Downtown. The development consists of 11 four- and five-story buildings housing one-, two- and three-bedroom units, one four-bedroom penthouse and an office/recreation center. Project amenities include a fitness center, community room, whirlpool and sauna, laundry facilities and storage.

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