SEATTLE, WA - CBRE has announced the sale of Solara apartments, a 238-unit multifamily community in North Seattle, Wash., to MIG Real Estate for $84 million.
CBRE’s Jon Hallgrimson, Eli Hanacek, Frank Bosl and Kyle Yamamoto represented the seller, Sares Regis Multifamily Funds, a multifamily value-add investment manager based in Newport Beach, Calif.
Bill Chiles, Scott Peterson and Brian Cruz with CBRE Capital Markets in San Diego partnered with CBRE’s Seattle multifamily team in arranging $62.6 million in financing for the acquisition on behalf of MIG Real Estate.
“We received significant interest in Solara due to the highly desirable large floor plans complete with traditional one-bedroom homes and an abundance of amenity space. Buyer appetite to invest in the Seattle market recovery is at an all-time high,” said Mr. Hanacek, vice chairman, CBRE.
Built in 2001, Solara is a three-building, mid-rise apartment community located at 12736 Lake City Way NE in North Seattle. The property has studio, one-, two- and three-bedroom units and 5,800 sq. ft. of ground-floor retail, home to a bakery café and The Beer Authority, among others. Community amenities include a 24-hour fitness center, resort-style pool, recently updated community room and resident lounge, game room, Wi-Fi café, conference room and landscaped courtyard.