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SEATTLE-JPI of Texas has sold the 230-unit Jefferson at Marymoor apartment complex in Redmond and the 247-unit Jefferson at Talus in Issaquah for $94 million, or $197,000 per unit. The buyer was a client of pension fund advisor BlackRock Inc.
The sale of the two luxury apartment properties closed Dec. 30. CB Richard Ellis brokers Jon Hallgrimson and Frank Bosl had the disposition assignment. Neither broker was available Tuesday afternoon as they were both headed to Boca Raton, FL for the National Multi Housing Council's Apartment Markets Conference.
Jefferson at Marymoor, which consists of seven three-story buildings on 6.71 acres, sold for $44.95 million. Jefferson at Talus consists of 11 three-story buildings on 10.28 acres and sold for about $49 million. Asking rents at both locations range from $1.10 to $1.45 per sf per month, according to Internet apartment finders.
Amenities at the properties include 24-hour fitness center, a resort-style swimming pool with spa and gas grills, monthly cooking classes, a small movie theater, a coffee bar, and on-site dry cleaning with pickup and delivery service. "These are exceptional complexes in a market where very little class A apartment property becomes available to investors," said Bosl in a prepared statement. "There was significant interest in these properties."
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