Colliers’ McKay/Chhan/Wayne Team Partners with Marcus & Millichap’s Clark on Transaction
SEATTLE – Sunset Villa, a 17-unit apartment building located at 6736 24th Avenue NW in Seattle’s Ballard neighborhood, today changed hands in a transaction arranged by a partnership of Colliers International’s Tim McKay, Dan Chhan and Sam Wayne and Marcus & Millichap’s Spencer Clark. Marysville Apartments, LLC purchased the property from Cadence Real Estate for $5.45 million or $320,588 per unit.
Built in 1963, Sunset Villa features 12 one-bedroom and five two-bedroom units. The building recently underwent a significant renovation to both the common areas and individual units that incorporated modern finishes such as vinyl plank flooring, quartz counter tops, new cabinets, stainless steel appliances, stylish light fixtures and sleek bathroom vanities and tub surrounds. The four-story property is walking distance to numerous amenities within trendy Ballard, including restaurants, coffee shops, taverns, grocery stores, parks and transit options connecting residents to downtown Seattle, the University of Washington and other city destinations. Most units have decks or patios with nice views, and on-site parking is available.
Mr. McKay noted, “Ballard is one of Seattle’s most desirable locations for all renter profiles, from millennials to empty nesters, and when properties in the area come on the market, they generate a lot of interest from investors. Sunset Villa was an opportunity to acquire a turn-key asset in a Class A location. When combined with the property’s immediate cash flow and future upside, these advantages translated to a competitive environment and a win-win for all parties involved.”
About Colliers International Group
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.
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