Daly Partners has sold Muir Apartments, a 130-unit mixed-use community in Seattle, to Denver-based EverWest Real Estate Investors for $54.5 million. Kidder Mathews represented the seller and directly sourced the buyer.
Local developer Daly Partners paid $5.6 million for the site at 1601 S. Lane St. in 2017, according to Puget Sound Business Journal, later breaking ground. The property in Seattle's Central District opened in 2019.
EverWest’s purchase comes within 30 days of its $58.3 million acquisition of a multifamily portfolio in West Seattle late last month. That deal involved 142 units across two neighboring properties.
The seven-story Muir Apartments is home to a mix of Class A studio, one- and two-bedroom units, averaging 609 square feet, and 12,266 square feet of ground-floor retail space. Additional amenities include a rooftop deck with views of Mount Rainier.
Solid Market Fundamentals
Owing to strong population and job growth, demand for housing remains robust in Seattle, according to a prepared statement from Tom Stover, managing director of acquisitions at EverWest. Muir Apartments provided the firm an opportunity to grow its footprint in a highly competitive market, Stover added.
The Seattle multifamily market absorbed around 1,305 units in the first quarter of 2022, with vacancy rates hovering around 5.1%, slightly above the 4.8% recorded in the fourth quarter of 2021, according to a report by Kidder Mathews. Despite a slight uptick in vacancy, rents remained solid, with average asking rates reaching $1,816 in the first quarter, above the $1,776 registered at the end of 2021.