Northgate-Area Multifamily Building Changes Hands For $4.3M
Seattle Northwest Realty LLC recently sold the Harrison Heights multifamily development for $4.3M. The 16-unit development was built in 1997 and is in the Northgate neighborhood near the future light rail station. The complex features 11,691 SF of rental space. The one- and two-bedroom units average about 730 SF.
“This is a great current and future investment for the buyer,” JLL broker Don Flanigan said in a statement. “The Northgate Mall remodel, NHL training facility and transit expansion will continue to increase the value of this location and further exemplifies the profitability of the neighborhood.”
Flanigan and Matt Kemper, also a JLL broker, led the JLL team on the sale.
The area is set to undergo major changes as the Northgate Mall redevelopment gets underway. Simon Property Group plans to build hundreds of residential units and add more than 500K SF of Class-A office space. Simon Property Group expects the area will compete with South Lake Union and East Side office developments. The mall’s redevelopment will also include a 180K SF three-rink ice skating facility that will be open to the public and serve as the training facility for Seattle’s NHL expansion team.