8-Building Seattle-Area Apartment Portfolio Goes On Market
A Seattle-area eight-building apartment portfolio recently went on the market. The properties, which total 441 studio apartments, are spread throughout the Seattle metro area, from Phinney Ridge to West Seattle and Madison.
The Footprint Portfolio is all newly constructed buildings. The rental rates average about $1K/unit, which is about half of the average rental rate in Seattle.
“Acquisition of the Footprint Portfolio will instantly propel the buyer to a dominant position in Seattle’s multifamily market, and provide stable returns, especially at a time when some are saying the city’s urban apartment inventory is becoming overbuilt,” Anderson said in a statement.
Colliers said cash-on-cash returns are projected in excess of 9.1% and the portfolio average internal rate of return is modeled at 16.5%.
“The supply of housing for cost-conscious renters in Seattle is far out of balance with demand, and with a forever moratorium on this style of apartment development, the Footprint Portfolio will continue to outperform the market with no sunset in sight,” Simon said in a statement.