Transit-Oriented Apartments Fetch $35M in South Seattle
Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of Encore, a 96-unit apartment building with 6,100 square feet of street-level retail in Seattle’s Columbia City neighborhood. The property sold for $35.32 million, or $367,917 per unit.
Originally developed as high-end condominiums, the mixed-use building was completed in 2022. Encore is a transit-oriented development adjacent to the Columbia City Link light rail stop. It’s a 10-minute walk from Columbia City’s historic Rainier Avenue shopping and entertainment district.
“With the opening of more than 20 light rail stations over the next two years, residents can connect to the major employment and lifestyle hubs throughout the region with ease, especially with Encore’s central location in South Seattle,” said Giovanni Napoli, IPA executive director.
Napoli and IPA’s Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino represented seller BDR Holdings, LLC and procured the buyer, Green Leaf Capital Partners.
Transit-Oriented Apartments Fetch $35M in South Seattle
Transit-Oriented Apartments Fetch $35M in South Seattle
Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of Encore, a 96-unit apartment building with 6,100 square feet of street-level retail in Seattle’s Columbia City neighborhood. The property sold for $35.32 million, or $367,917 per unit.
Originally developed as high-end condominiums, the mixed-use building was completed in 2022. Encore is a transit-oriented development adjacent to the Columbia City Link light rail stop. It’s a 10-minute walk from Columbia City’s historic Rainier Avenue shopping and entertainment district.
“With the opening of more than 20 light rail stations over the next two years, residents can connect to the major employment and lifestyle hubs throughout the region with ease, especially with Encore’s central location in South Seattle,” said Giovanni Napoli, IPA executive director.
Napoli and IPA’s Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino represented seller BDR Holdings, LLC and procured the buyer, Green Leaf Capital Partners.
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