Pacific Place Apartments

Pacific Place in Magnolia presented a challenge as our client desired an extremely quick closing by year-end after bringing the property to the market on November 18, 2020. The ownership group, with an extensive out-of-state portfolio, had limited knowledge about Pacific Place as it was their only Seattle apartment. To expedite the process, we conducted tours for 5 consecutive days before the Thanksgiving break, targeting financially capable groups who could close by year-end. Leveraging the assistance of the current property management group and our team’s expertise in the Magnolia submarket, we efficiently compiled the marketing materials. As a result, we identified a buyer within 10 days of marketing, and they conducted a rapid due diligence period, leading to a closing in just 27 days. Multiple interior unit walks with property management and the buyer instilled confidence in the property, ultimately facilitating the successful closing. The sale details include a sales price of $2.825 million, $201,000 per unit, $291 per net square foot, and a market-to-closing timeline of 37 days.