NEWS

100-Unit 999 Hiawatha Sale Highlights Energized Demand for Value-Add Multifamily

NAI Northern California’s Rudas Gebregiorges Team hosts a smooth transition of $29 million deal in Seattle, WA despite ongoing COVID-19 pandemic.

NAI Northern California is pleased to announce the closing of 999 Hiawatha Place in Seattle, a stunning 100-unit property built in 2014 positioned in close proximity to downtown Seattle. The Rudas Gebregiorges Team hosted a competitive bidding process with multiple offers generated, resulting in the property being acquired for $28.775 million. The 100-unit property offers a mix of studios, one- and two-bedrooms, (3) live/work lofts and features designer-quality upgrades in the units as well as to the common areas.

“Although we were in the midst of a pandemic induced softening of the urban rental market, we were still confident in the demand for quality multifamily opportunities and our ability to utilize our marketing resources to generate strong market interest. Our hunch was right as we procured multiple compelling offers and hosted a competitive multi-round bidding process. Ultimately, we were able to exceed original pricing expectations and have a fairly smooth transaction. Great deal for both sides- we have a Seller happy to have achieved top dollar and a Buyer that recognizes the value add potential in the asset.” Gebregiorges said.

The Rudas Gebregiorges Team was able to land the 999 Hiawatha listing by demonstrating their profound expertise in acquiring and hosting smooth transitions of value-add multifamily properties; even with the uncertainties of the COVID-19 pandemic. Despite a general decrease in urban core rental rates, NAI NorCal is still seeing strong demand for multifamily properties. Leveraging a wide client base of private and institutional buyers, the Rudas Gebregiorges Team continues to successfully target and procure highly motivated buyers in the marketplace to ensure maximum exposure and a competitive bidding process.

999 Hiawatha is located two miles south of downtown Seattle in the vibrant, up-and-coming Jackson Place neighborhood. The Hiawatha Apartments offer 360 degrees of breathtaking views from Elliott Bay to the west, Lake Washington to the east, downtown Seattle to the north, and Mt. Rainier to the south. This urban retreat for city dwellers is surrounded by parks and trails and offers commuters easy access to major highways. The Atlantic District, where the subject property is located, continues to attract a variety of professionals given the array of employment opportunities; Amazon, Starbucks, Zillow, Boeing, Alaska Airlines, and Nordstrom are just a few of many well-known and well-established firms that have headquarters in Seattle.

The Rudas Gebregiorges Team comprises of Senior Investment Advisor Rudas Gebregiorges and Investment Advisor Ecaterina Bicova.