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Auburn's Neely Station Apartments Changes Hands for $4.5M, CBRE Brokers Deal

Auburn’s Neely Station Apartments Changes Hands for $44.5M

CBRE has brokered the $44.5 million sale of the Neely Station Apartments, a 190-unit multifamily community in Auburn, WA. An undisclosed buyer purchased the property from Goodman Real Estate, Inc.

“Neely Station offered a value-add opportunity with 100% of the units primed for upgrades, while the property’s location is convenient to multiple employment hubs, including Tacoma, Seattle, Bellevue, Kent and Renton,” said CBRE vice chairman Jon Hallgrimson, who represented the seller along with Eli Hanacek, Mark Washington and Kyle Yamamoto.

The garden-style community is located at 1433 8th St. NE and consists of 25 two-story buildings on 9.5 acres. Neely Station has one- two- and three-bedroom floorplans, averaging 850-square-feet in size. Community amenities include a pool and sundeck, fire pits, fitness center and media room. The property is situated 20 minutes from downtown Tacoma and 30 minutes from downtown Seattle.

Photo Courtesy of J. Mark Griffith Photography

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CBRE PNW Multifamily TeamGoodman Real Estate, Inc.

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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