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San Francisco Investor Buys Seattle MF for $53M
San Francisco Bay Area-based JB Matteson, Inc. acquired Origin Apartments, a 153-unit multifamily property in Seattle’s Lake City community from SummerHill Apartment Communities for $53 million. The off-market purchase is JB Matteson’s fifth in the Seattle area.
The Class A, 114,903 square-foot apartment community at 12311 32nd Avenue NE was built in 2017 and offers studios, one, and two-bedroom flats, loft units and townhomes. Each residence features nine-foot ,ceilings, stone kitchen countertops, stainless steel appliances, full-size washers and dryers, dual-pane windows, and patios or balconies.
Shared community amenities include a rooftop deck with barbeque and seating areas, a modern fitness center, covered outdoor seating area with fire pits and dog park, spacious lounge and media viewing areas, and secured underground parking with elevator access to individual floors.
Northmarq’s Dennis Williams arranged acquisition financing with a life insurance company. Institutional Property Advisors advised JB Matteson on the acquisition.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
