Three Micro Apartment Buildings in Seattle Sell for $28.4 Million

Colliers’ Seattle Multifamily Team Brokered the Sale of the 167-Unit Portfolio


SEATTLE – Dylan Simon, Jerrid Anderson, and Matt Laird of Colliers International’s Seattle Multifamily Team brokered the sale of three Footprint-branded micro apartment buildings in Seattle, selling each building at full list price. The three-property portfolio sale closed on Thursday, January 24, 2019, for a total sales price of $28,400,000.

Of the three buildings that sold, two are located in Seattle’s Capitol Hill neighborhood and the third in the Eastlake neighborhood. A fourth building in the portfolio, located in the Madison-Miller neighborhood, is currently pending sale with a closing date in February 2019.

The Seattle Multifamily Team marketed the full eight-property portfolio for sale in late 2018, and four properties remain available for purchase via the marketing website at: www.BuyFootprintPortfolio.com.

These properties are part of the late Jim Potter’s legacy of innovation in apartment development and affordable living in Seattle. Potter founded Footprint Investments a decade ago, pioneering the creation of affordable housing in Seattle’s best urban neighborhoods.

“Four years ago, when our team initially endeavored to be the first efficiency-unit experts in the nation, we ignored the pundits that questioned this new wave of small apartments,” Anderson explained. “Closing the sale of these three properties at full list price is a testament to the lasting success of micro apartment units.”

City regulations now prevent the development of this type of micro apartment units, yet they remain in high demand among renters. As the Seattle apartment market embraces the delivery of the largest development pipeline in its history, less than one percent of new development is micro apartment units – ensuring little competition for decades to come.

Dylan Simon, Executive Vice President; Jerrid Anderson, Senior Vice President; and Matt Laird, Associate, of Colliers International’s Seattle office represented the seller, Footprint Investments. The buyer was not represented by a broker. For more information on the four-building portfolio available for purchase, please contact listing brokers Simon, Anderson, and Laird.

About Colliers International Group

Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 12,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.

Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.

Colliers’ Seattle Multifamily Team is based in downtown Seattle and comprises seven highly-qualified real estate professionals specializing in brokerage of apartment investments and developments in the Seattle and Puget Sound region. The team focuses on representing buyers and sellers of apartment buildings and development sites from 5 units to 500 units.

LISTING CONTACT

Dylan Simon
Executive Vice President
+1 (206) 414 8575
dylan.simon@colliers.com

 

COLLIERS CONTACT

Mary Ryan
Marketing & Research Director | Puget Sound
+1 (206) 223 1438
mary.ryan@colliers.com