Marco Apartments is Solid Value-Add Asset in High-Growth Submarket
The Marco, a 25-unit apartment building in the Roosevelt submarket of North Seattle, recently sold in an off-market acquisition for $7.28 million. The buyer was a local syndication group.
The Marco is positioned for immediate in-place income with notable value-add potential. The apartment building was originally built in 1970 and is currently renting at near market rate.
In the past two years, 14 of the 25 units have been renovated, allowing the new ownership to continue making interior and amenity upgrades while simultaneously taking advantage of the region’s steady rise in both occupancy and rents following the pandemic.
The Colliers team was comprised of multifamily experts Tim McKay, Dan Chhan, Sam Wayne, Matt Kemper and Adam Groberman who sourced the opportunity and represented the buyer.
“Marco Apartments represents a solid value-add investment opportunity in a high-growth submarket,” said McKay. “This is yet another example of our team’s ability to connect a seller and buyer in an off-market transaction.”
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.