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Solara Furthers MIG’s Goal of Portfolio Expansion into Dynamic Submarkets
MIG Real Estate LLC (MIG) recently purchased Solara, a 238-unit multifamily community in North Seattle, for $84 million. Located at 12736 Lake City Way NE, Solara is the fourth Seattle multifamily community managed by MIG.
The three six-story buildings that comprise Solara were built in 2001 and contain 238 studio, one-, two- and three-bedroom apartments with 9-foot ceilings that average 755 square feet. Additionally, there are five ground-floor retail suites totaling 5,893 square feet.
MIG’s renovation plans for Solara include refreshing the interior amenities and leasing center, exterior painting and signage updates, light apartment renovations, and refreshing the corridors.
“This purchase offers an opportunity for MIG to expand its Seattle portfolio by investing in and managing this attractive asset,” says Raul Alcaraz, multifamily acquisitions manager at MIG. “North Seattle is a vibrant area with high residential desirability and Solara furthers our goal of expanding MIG’s diversified portfolio into dynamic submarkets such as this one.”
- ◦Sale/Acquisition
