Colliers’ multifamily team represents buyers in significant value-add acquisition of 10-unit apartment building
Seattle, Wash.– October 29, 2021 – Colliers, a leading diversified professional services and investment management company, has successfully facilitated the purchase of The Palms, a 10-unit apartment building in West Seattle. Multifamily experts Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper led the Colliers team, who represented the buyers – the Chambers family – in the transaction. The sale closed today for $1,750,000.
A true value-add investment, the Palms is well positioned for a nearly immediate increase in income. The garden-style apartment building was originally built in 1958 and is currently renting its units well below market rate. Interior and amenity upgrades could further improve the property’s value, allowing ownership to take advantage of the region’s steady rise in both occupancy and rents following the COVID-19 pandemic.
“This is the first time we’ve seen investment opportunities like this in nearly 10 years,” said McKay. “With a purchase price below 2019 market levels and rents continuing to increase throughout the region, The Palms has significant upside potential and should yield strong returns for years to come.”
The Palms is located at 6511 35th Avenue SW in West Seattle, less than five miles from the heart of Downtown Seattle. West Seattle is a suburb within the city with good schools, excellent parks and breathtaking views to the west. The Palms is also just a short walk away from Morgan Street Corridor, one of West Seattle’s popular retail corridors filled with restaurants, shops and services.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.