SEATTLE, WA - CBRE arranged the sale of Brackett Apartments, a 386-unit garden-style multifamily community in Edmonds. CBRE’s Eli Hanacek, Kyle Yamamoto, Mark Washington and Natalie Kasper, represented the sellers, Intercontinental Real Estate Corporation and TruAmerica Multifamily.
“This is a truly irreplaceable asset with significant value-add upside, acquired at a substantial discount to replacement cost. The property has been meticulously maintained and is uniquely positioned in a premier North Seattle waterfront suburb that hasn’t seen new garden-style multifamily development in nearly four decades. With strong projected rent growth and robust multifamily fundamentals, this investment represents a rare and strategic opportunity in one of the region’s most supply-constrained submarkets,” said Hanacek.
Located at 9501 244th St SW in Edmonds, Brackett Apartments was built in 1987 and has one-, two- and three-bedroom units. All units include a washer, dryer and wood-burning fireplaces. Community amenities include an outdoor pool and enclosed outdoor spa, as well as two renovated community centers with interactive games, fitness center, package lockers, and new dog park and dog wash station.
The property is close to major employers, highly rated schools, restaurants and amenities. Brackett is a 7-minute drive to downtown Edmonds, a 15-minute drive to the Kraken Community Iceplex and a 30-minute drive to downtown Seattle.
Near-term supply in the Edmonds multifamily construction pipeline is very constrained. There are no projects over 100 units currently under construction.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com