Cushman & Wakefield announced the firm has brokered the sale of two multifamily assets, Marlene Renee Apartments and 4324 36th Avenue W, on behalf of private clients in Seattle, Washington.
Situated in the desired and amenitized Capitol Hill and Magnolia neighborhoods, each of the properties are well located near downtown Seattle, South Lake Union, and Fremont as major employment drivers and that are home to several leading global companies.
Cushman & Wakefield’s Tim McKay, Jacob Odegard, Dan Chhan, Matt Kemper, Dylan Roeter, and Byron Rosen represented the pair of sellers in the separate dispositions.
The first sale consisted of Marlene Renee Apartments, a vintage mixed-use apartment and office property with an A+ location in Capitol Hill. Originally developed in 1964, the three-story property located at 312 Harvard Avenue E features 20 townhome-style apartment units plus 3,000 square feet of ground floor office space just a block from Broadway Avenue on Capitol Hill.
Marlene Renee comprises twenty (20) two-story, one-bedroom apartments, with sizes ranging from 650 to 750 square feet. Each unit features modern conveniences with a bright and spacious 16-foot living room ceiling, loft-style bedroom, and floor-to-ceiling windows. The community features controlled-access entry, storage space, a laundry facility, and ample covered and uncovered parking for both residences and commercial users. The ground-floor office/commercial space currently features a dental tenant which has operated at the property for over a decade.
“Marlene Renee Apartments is a well-maintained multifamily asset that had been owned and managed by the seller for approximately 40 years. The apartments have seen moderate upgrades over the years providing the new ownership with a great value-add opportunity to further remodel and transform the units and look to significantly increase rental income and property value,” said Tim McKay, Managing Director, who led the C&W sales team in this transaction.
The second sale consisted of a six-unit apartment asset located at 4324 36th Avenue W near Discovery Park. Originally built in 1977, the two-story building comprises a mix of four (4) one-bedroom and two (2) two-bedroom apartment units.
“4324 36th Avenue W also provides a great value-add multifamily investment opportunity, whereby the new owner has the potential to increase income by implementing a strategic renovation plan by modestly modernizing both the exterior and interior of the property as well as the units themselves,” added Jacob Odegard, Director, who led the C&W sales team in this transaction.
According to the C&W sales team, Seattle boasts strong multifamily market fundamentals, including low vacancy rates, consistent rent growth, and a robust job market, all of which contribute to the stability and potential appreciation of these properties.
