Costa Mesa, CA (April 27, 2022) — The Mogharebi Group (“TMG”), representing the seller, Bode, has arranged the record setting price per unit with the $8.9 million sale of Village Vista, a 36-unit development in Shoreline, 13 miles north of Seattle, WA. The buyer of the property is a private investment group based out of Rolling Hills Estates, CA.
“Its proximity to more than two million jobs, and location in one of the most appealing rental markets in the Seattle metropolitan area, has significantly driven occupancy,” said TMG Senior Vice President Ryan Kidwell. “Village Vista with strong cash flow and significant-value upside provided the buyer a tremendous opportunity to increase their returns”. Kidwell added. “The strong regional economy and steady population growth combined to drive the record-setting price per unit in Shoreline for pre-2000 construction.”
Village Vista is a two-building, 36-unit apartment community located at 928 N 200th Street and 20060 Whitman Ave North. Built in 1966 and 1970, the properties comprise two and three-story buildings totaling 30,786 rentable square feet. The complex consists of two parcels and is situated on a 0.87-acre site for a comfortable density of 41.9 units per acre. The apartment homes feature spacious one-, two-, and three-bedroom floor plans with an average size of 855 square feet, respectively.