Northmarq Arranges $15M Sale of Tukwila Apartments
Northmarq has completed the $15.2 million sale of Hampton Heights, a 114-unit multifamily housing community located at 5711 S 152nd St in Tukwila, Washington.
Northmarq’s Seattle Multifamily Investment Sales team, led by Tyler Smith, Steve Fischer, and Joe Kinkopf, brokered the deal. “The buyer recognized this as a rare opportunity to acquire a scaled asset in the heart of the Puget Sound at a basis well below replacement cost,” said Smith. “The property’s unit mix — featuring large, oriented floorplans — supports naturally affordable rents and stands in sharp contrast to the smaller, more expensive layouts typically found in today’s new construction.”
Built in 1976 and renovated in 2001, Hampton Heights is an affordable project under Washington State Housing Finance Commission (WSHFC) Low-Income Housing Tax Credit (LIHTC) program. Hampton Heights is located near Tukwila Park and Interstates 5 and 405 with easy access to dining, shopping, and entertainment options. It is located near the Seattle-Tacoma International Airport, and is just 12 miles from downtown Seattle.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout