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Equity Residential Snags Suburban Seattle MF for $49M
Chicago-based Equity Residential acquired the newly-built Notch Apartments in Newcastle for $48.86 million. The seller of the 158-unit mid-rise development at 13800 Golf Club Rd. was Seattle’s Goodman Real Estate.
The deal represents a portfolio diversification move of sorts by Equity Residential, since many of its 38 Puget Sound region multifamily properties are in downtown Seattle.
Goodman indicated the Eastside asset was divested in order for the company to redeploy capital. Goodman acquired the nearly 3.8-acre site in 2015 for $4 million and subsequently developed the multifamily property.
The four- and six-story building project was completed earlier this year and includes studio, one-, two- and three-bedroom options, with eight units designated as affordable. Amenities at the property include a fitness center, clubhouse and rooftop terrace.
Berkadia’s David Sorensen brokered the off-market deal.
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