EverWest Pays $55M for Seattle Apartments

EverWest has acquired Muir Residences, a 130-unit group in Seattle. Daly Companions offered the Class A asset for $54.5 million. The vendor was represented by Govt Vice Presidents Dylan Simon and Jerrid Anderson, in addition to Affiliate Vice President Winslow Lee of Kidder Mathews.

Positioned at 1601 S. Lane St., within the Central District and subsequent to the Chinatown Worldwide District, the property is lower than 2 miles from downtown Seattle. Leisure and cultural actions within the surrounding space embrace the Pratt Positive Arts Middle, Wing Luke Museum of the Asian Pacific American Expertise and parks. Eating and retail choices can be found inside strolling distance alongside Rainier Avenue and Jackson Avenue.

Inbuilt 2019, the seven-story mid-rise group consists of studio, one- and two-bedroom residences, averaging 609 sq. toes. Muir Residences additionally contains 12,266 sq. toes of ground-floor retail area. Facilities embrace a rooftop deck.

Muir Residences is EverWest’s newest Seattle acquisition, following the acquisition of Junction Touchdown and Junction Flats in April, which traded for $58.3 million. The metro’s rental phase has made headway in the course of the previous 12 months and a half, with rents up a powerful 14.8 % year-over-year by March, barely above the 14.3 % U.S. common, in line with a current Yardi Matrix report.