Calabria, a multifamily property located at 2000 NW Talus Drive in Issaquah, Washington, has sold for $9,000,000 ($450,000 per unit) to a local apartment investor, Fourth Avenue Capital. The seller, Pacifica Companies out of San Diego, California, was represented in the transaction by Dylan Simon, Jerrid Anderson, and Matt Laird of The Simon and Anderson Team, a multifamily investment sales team at Kidder Mathews.
Calabria is ideally located in the rapidly growing Talus neighborhood overlooking the Issaquah Valley. The property consists of 20 condo-quality units constructed in 2009, with half being three-bedroom townhome units with expectational layouts and market-leading finishes. The sale demonstrates investors’ increasing desire for Eastside multifamily investment opportunities, as the property sold for $450,000 per unit at a 4.6% cap rate on in-place operations. Calabria offers considerable upside for the buyer through management efficiencies and raising below-market rents and ultimately provides the buyer with the opportunity to capitalize on renters’ strong demand for well-located housing on the Eastside.
“Calabria is a very rare investment opportunity in the region’s hottest market, East King County, and we feel the buyers will be rewarded for the well-timed purchase,” said Anderson.
About the Dylan Simon and Jerrid Anderson apartment brokerage team
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents investors in the sale, purchase, and financing of apartment buildings and development land across the greater Seattle and Puget Sound region. The team of eight brokerage professionals specializes in sale and financing of apartment buildings and development land from $1 million to in excess of $100 million. For more information, visit dylansimon.com.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $8 billion in transactions, manages over 70 million square feet of space, and conducts over 1,800 appraisals annually. For more information, visit kidder.com.