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Developer Wood Partners Sells Alta Arlo Apartments for $97M
An entity related to Carmel Partners, a San Francisco-based real estate investment management firm, has acquired the Alta Arlo apartments in Seattle’s Columbia City neighborhood for $97 million, reported the Puget Sound Business Journal. The transaction equaled $399,177 per unit and $277 per square foot.
The 350,300-square-foot, mixed-use building at 4720 Rainier Avenue S. features 243 units and was sold by an entity affiliated with Atlanta-based developer Wood Partners. Wood Partners acquired the site in 2019 from Seattle developer Lake Union Partners for $17 million.
The group is active in the Pacific Northwest as well as other regions across the country. Earlier this year, Wood Partners broke ground on Alta North City, a new development in Shoreline, Washington, scheduled to deliver in 2025. The property will offer 228 apartment homes comprised of studio, one- and two-bedroom custom-designed floorplans.
