Colliers International’s Seattle Apartment Team arrange Wallingford transaction
SEATTLE – In a transaction that paves the way for much-needed new housing and retail options at a previously underutilized property, Colliers International’s Seattle Apartment Team of Tim McKay, Dan Chhan and Sam Wayne recently represented the seller and procured the buyer in the trade of 4612 Stone Way North in Seattle, WA. The buyer, Alchemy Real Estate Group, purchased the property for $1.55 million from the Hobert and Liang families.
Alchemy Real Estate Group plans to construct a new residential building on the property that incorporates 40 efficiency units above 2,300 square feet of retail space. Specially designed ingress and egress points will improve pedestrian and bike safety, and foster resident interaction and a community environment within the greater Wallingford neighborhood dynamic. Alchemy expects to begin construction within a year.
The redevelopment of 4612 Stone Way North re-aligns a struggling property into an affordable neighborhood center, while also creating jobs, especially during the construction phase. Its focus on micro-units will meet some of the demand from Seattle residents for smaller, budget-friendly apartments.
Colliers’ Seattle Apartment Team provides full-service solutions to multifamily owners, investors and developers, including acquisitions and dispositions, valuation and financial analysis, debt and equity, rehabilitation and repositioning, and development feasibility study. The disposition of 4612 Stone Way North is the latest in a string of positively impactful Seattle transactions completed by Mr. McKay, Mr. Chhan and Mr. Wayne. Other recent successes include the sale of development sites at 621 9th Avenue ($3.3 million), 1005 South King Street ($3.2 million), 4511-4603 40th Avenue NE ($4.5 million), and 8111-8102 Greenwood Avenue N ($1.88 million).
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.
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