Multifamily Properties Trade Hands in Puget Sound

By Alex Girda, Associate Editor

Multifamily properties have been attracting investor attention in Seattle all year. In the past week alone, three trades took place.

The Puget Sound Business Journal reported on the sale of a 512-unit apartment complex in Mountlake Terrace, one of the largest sales of its kind in 2011. Holland Residential acquired the 24 apartment buildings at 4208 236^th St. S.W. from Equity Residential for a reported $62 million. Vancouver-based Holland Residential was represented by Jones Lang LaSalle Inc.

In addition, the Eastpoint Corporate Center at 22833 Black Nugget Road in Issaquah was sold for approximately $32 million. The seller was Piedmont Office Realty Trust, which ceded the property to the Lake Washington Land Co. The building offers 156,323 square feet of Class A office space and was constructed in 2001. Piedmont acquired the building back in 2003 but has been on a selling spree recently, having also sold a Colorado property.

Meanwhile, the much reported sale of the Queen Anne buildings at 1925 and 2111 Queen Ave. North closed, with RREEF, a subsidiary of Deutsche Bank, purchasing the 81 apartment units and 27,000 square feet of retail space. RREEF already owns three multifamily buildings and 8 million square feet of commercial property in the Puget Sound area. A representative for the company told The Puget Sound Business Journal that the two properties were fully occupied as of June 7.