Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Cedar Rim, a 104-unit multifamily asset in Newcastle, Washington. The $53 million sales price equates to $509,615 per unit.
“Overlooking Lake Washington, Cedar Rim is a trophy asset in the booming Eastside submarket that gives residents convenient access to the region’s top employment centers,” said Philip Assouad, IPA executive director. “Built in 1981, the property was extensively renovated between 2006 and 2008 and an additional value-add program would add to the property’s appeal for affluent renters.” Assouad, IPA’s Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero arranged the transaction on behalf of the seller, AIMCO and procured the buyer, MIG Real Estate.
“Newcastle’s outstanding affluent demographics include average and median annual household incomes of $199,492 and $138,812 respectively, making the surrounding submarket a high barrier-to-entry market,” added Napoli.
Interstate 405 is easily accessible from the property and Downtown Bellevue, Downtown Seattle, Kirkland, Redmond, Interstate 90 tech corridor, and top South King County employers are within a short drive. Golf Club at Newcastle, a 350-acre golf course, and regional trail systems including the Burke Gilman Trail and Lake Washington Bike Loop are nearby. Shopping is within proximity at Coal Creek Village, The Landing at Renton, Bellevue Square Mall, and Southcenter Mall. Fifty-seven-acre Gene Coulon waterfront park is five minutes away.
Cedar Rim is a 13-building property situated on four-plus acres. The unit mix is 1,050-square-foot two-bedroom units, all but five of which have two bathrooms. All units have wood-burning fireplaces, washers and dryers, oversized windows and private decks or balconies with glass railings to maximize light and views. Common area amenities include an outdoor gathering hub with grand pergola and stone fireplace lounge, grilling stations, dining tables, and a sun deck.
