Citywalk Apartments in Northgate Sells for $26.9 Million
December 20, 2017, Seattle, WA – Dylan Simon and Jerrid Anderson of Colliers’ Seattle Multifamily Team closed the sale of Citywalk Apartments in Seattle’s Northgate neighborhood on Wednesday, December 20, 2017. The sales price of the apartment community was $26,900,000, equating to $263,725 per unit and approximately $292 per net rentable square foot.
Built in 1987, Citywalk Apartments is comprised of four residential buildings and an amenity clubhouse on 2.63 acres of serene landscape, with the convenience of the Northgate Mall just five minutes away. The 102-unit property represents a unique opportunity in the burgeoning Northgate market as the second investment-grade apartment to come to market in the last decade.
Northgate’s emergence as an urban center is marked by its balance of activity, connectivity and tranquility. Citywalk is impeccably positioned to accommodate locals seeking to escape the Downtown core, while maintaining convenient access via the future Northgate light rail station.
Dylan Simon, Executive Vice President, and Jerrid Anderson, Vice President, of Colliers International’s Seattle office represented the sellers, Essex Property Trust, Inc. and its institutional equity partner. The buyer, RISE Properties Trust, was not represented by a broker.
In the Press:
- Colliers Closes $27M Seattle Sale – Multi-Housing News
- Citywalk Apartments in Seattle’s Northgate Neighborhood Sells for $26.9MM – The Registry
- 102 N. Seattle units sell for $26.8M – Daily Journal of Commerce