Micro-Unit Multifamily Buildings Sell For Record Price Per SF

Courtesy of East to West Capital
The Redwood, A Micro-Unit Multifamily Apartment Building On Capitol Hill, Recently Sold For $17.5M.

East To West Capital, based in the U.K., recently sold two micro-unit multifamily buildings in Seattle and Portland to California-based Wilshire Capital for more than $24.2M. The price is a record per square foot for micro-units in their respective markets.

“We came to the U.S. bullish on the real estate investment climate here, believing that the development and management of microunit apartments could be a tremendous niche investment opportunity,” East to West Managing Partner Andrea Cassandro said in a statement. “That thesis has been borne out with great locations in highly specialized markets and great development partners.”

In 2012, East to West sought to expand its global real estate portfolio and believed that the U.S. offered the best opportunity, Cassandro said. At that time, New York City was 50% cheaper than London. Cassandro collaborated with local developers to build micro-units in densely populated, live-work-play urban markets, including Seattle and Portland.

The Redwood, a 75-unit apartment community in the Pike-Pine corridor of Capitol Hill, sold for $17.5M, or $918/SF. At 111 21st Ave. E, The Redwood was developed in 2017 with local developer Johnson & Carr. The project design incorporates wood accents, metal fabrication and native landscaping, as well as stainless steel appliances. Each unit is approximately 280 SF and some units feature a loft. Amenities include a rooftop deck, views of the Cascades and Seattle skyline and an on-site laundry station. The building was fully leased within six months, a fact that Cassandro attributes to its location.

In Portland, Koz on Yamhill sold for $6.8M, or $804/SF. The 30-unit apartment community in the Goose Hollow neighborhood was developed with local developer Koz. Each unit is about 283 SF and has floor-to-ceiling windows and plank flooring. Utilities and high-speed WiFi are included in the rent. Some units have a loft and 16-foot ceilings.

East to West Capital worked with CBRE’s Seattle office in the transactions.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Seattle Newsletters
Related Stories

Years Later, Millions In Chicago Housing Projects Remain Unbuilt

Developers Scheme To Build More Housing Units As NYC's Tax Incentive Ages

U.S. Multifamily Market Regaining Its Balance As Yearslong Supply Wave Tapers Off

How Healthcare Providers Are Bundling Care Services Under One Roof, With Patient Needs Top Of Mind

Hines Spends $170.5M On Mixed-Use Portfolio In Dallas' Bishop Arts District

Why Hospitals Must Be Designed For Talent Retention

How UK Investment Giant L&G Plans To Grow Its U.S. Multifamily Holdings

Properties Owned By REIT Accused Of Fraud To Be Auctioned Off

Major NYC Multifamily Firm Expands With Tech-Driven Operations

Multifamily's Days As Commercial Real Estate's 'Golden Child' Are Over

Riverwards Secures $36M In Construction Financing For Philly Apartment Project

Lioncor Bets Ireland's Residential Reset Can Unlock A New Wave Of Capital