Seattle, WA – November 2, 2021 – Berkadia announced today the sale of The Magnolia and Thirty One Apartments in Seattle, Washington. Managing Directors Jay Timpani, Mitchell Belcher and Steven Chattin, and Associate Director Chad Blenz, all of Berkadia Seattle, led the transaction on behalf of the sellers.
Managing Director Robert Doxsee and Associate Director Michael Manolides also of Berkadia Seattle secured the financing for The Magnolia. The deal closed October 15.
The Magnolia sold for $19.45 million, reflecting a per-unit price of $341,228. The property was 98 percent occupied at the time of the sale.
Thirty One Apartments sold for $9.4 million, reflecting a per-unit price of $303,226. The property was 100 percent occupied at the time of the sale, and was under a five year master lease with a student housing provider. The deal closed October 21.
“The Magnolia presented a unique opportunity to acquire a beautifully maintained and stable operating community in a neighborhood with extremely limited supply,” said Timpani. “Thirty One Apartments was sold off-market to a local family looking for a well-built and low-risk long-term hold to add to their portfolio. Property acquisition was a win-win for both the buyer and seller.”
“We were very excited to be engaged on this request. The Magnolia is a wonderful asset in the heart of Seattle and the clients wanted long-term fixed rates,” said Doxsee. “We were able to achieve multiple competing bids for them, and in the end locked in 10-year fixed rates at just over 3 percent, providing not only a great rate, but long-term stability and cashflow on the asset.”
The Magnolia is a garden-style multifamily property, built in 1967 and 1968, and has been partially renovated over the last three years. Consisting of two buildings across two parcels, The Magnolia features 57 one- and two-bedroom units averaging 885 square feet. Located in the heart of Seattle’s Magnolia neighborhood, the property is ideally situated within 14 minutes of downtown Seattle, offering residents an array of neighborhood amenities and proximity to the city’s largest employers.
Thirty One Apartments was built in 2019 and features 31 studio units averaging 284 square feet and one commercial space. Located in Seattle’s University District, the property is ideally situated within walking distance of the University of Washington and minutes from Interstate 5, offering residents an array of neighborhood amenities and proximity to highly desired employment opportunities.