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Bode Acquires Multifamily Development Site in South Seattle
Seattle-based real estate development and management firm Bode has acquired a 1.5-acre development site on Martin Luther King Jr. Way S. In South Seattle. The Mogharebi Group (TMG) represented Bode in the transaction and arranged the $2.1 million all-cash transaction. Bode, an active owner and developer of affordable housing, is planning to develop a 330-unit multifamily project on the site.
“It can be difficult to make development sites pencil in the current market because there remains a disconnect between buyers and sellers, and financing options are extremely limited,” said TMG SVP Ryan Kidwell who arranged the deal along with the firm’s Robert Parmar. “Leveraging our relationships with local developers, we were able to negotiate a fair price and go under contract within 48 hours of it coming to market.”
Bode is also currently in escrow on other sites across the Puget Sound region, according to Kidwell, who has represented Bode in other transactions.
- ◦Sale/Acquisition
- ◦Development
