Colliers International's McKay/Chhan/Wayne Multifamily Investment Team Arrange Transaction
KIRKLAND, WA – The Residences at 518, a 10-unit apartment complex located at 518 2nd Street in Kirkland, WA, recently sold by Greenwood Pub LLC to Goodwin DC LLC for $3.39 million or $339,000 per unit. Colliers International’s multifamily investment experts Tim McKay, Dan Chhan and Sam Wayne arranged the transaction.
Located in the heart of Kirkland, the property is an apartment investors’ dream, with rental upside, stable tenants, easy management and a highly desirable location in the heart of downtown Kirkland. Four parks, a library, public swimming pool, and dozens of restaurants, coffee houses, taverns and grocers are within walking distance. Several major employers including Google, Tableau and Wave Broadband are less than a mile away, as is an express bus offering direct service to downtown Bellevue and Microsoft’s campus. The complex, built in 1901, underwent a full remodeling in 2016 that produced new units and exterior improvements.
Mr. McKay noted that “The multifamily investment market is strong across the Puget Sound Region, with the Eastside an increasing focus of interest given the expansion of a number of large technology and e-commerce companies into the area. The Residences at 518 drew a lot of attention from buyers looking to leverage both these economics, its strategic location and the continuing affluence of Kirkland itself.”
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Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 13,000 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.
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