Cushman & Wakefield announced the firm has brokered the sale of the Stratford Square Apartments in Burien, Washington, a suburban city about 10 minutes south of Seattle. A Local Family Operator acquired the property consisting of 32 units spread across a mix of garden-style buildings and duplexes with townhome style layouts from Stratford Square LLC for $7.285 million.
Cushman & Wakefield’s Jacob Odegard, Dan Chhan, Tim McKay, Dylan Roeter, and Matt Kemper represented the buyer in the transaction. The seller was represented by Jon Breiner and Nick Hemming of Paragon Real Estate Advisors.
“The seller financed the sale which helped the buyer get into the deal with a lower down payment and interest expense while they work on stabilizing the asset. The buyer is excited to have acquired a high quality asset with great upside potential,” said Director Jacob Odegard.
The complex was originally built in 1988. Key features include covered and uncovered on-site parking, in-unit washer/dryer, dishwasher, and fireplaces and balconies in most units. Stratford Square Apartments comprises three (3)-story garden style buildings, each containing eight 2-bedroom/1.5-bathroom units approximately 1,000 square feet in size, and four duplexes with 2-bedroom/1.5-bathroom townhome style units. Those units boast a parking garage and is also cat-friendly.
The property is walkable to retail amenities and near several parks. It is also convenient to the SR 509 and SR 518 highway interchange (linking to I-5 and I-405 freeways) and is within minutes of the Seattle-Tacoma International Airport. Ambaum Shopping Center, Burien Gardens, and Ambaum Plaza are all within walking distance.
