A San Francisco-based real estate investment management firm, Carmel Partners, has recently acquired the Alta Arlo apartments in Seattle’s Columbia City neighborhood for $97 million. According to the Puget Sound Business Journal, this transaction equaled $399,177 per unit and $277 per square foot.
The mixed-use building at 4720 Rainier Avenue S., spanning 350,300 square feet and featuring 243 units was sold by an entity affiliated with Wood Partners – a developer based in Atlanta. In 2019, Wood Partners had acquired the site from Lake Union Partners – a Seattle developer – for $17 million.
Carmel Partner’s presence is not limited to just the Pacific Northwest region but extends across various regions of the country as well. Recently they broke ground on their new development project called Alta North City located in Shoreline Washington which is expected to be completed by 2025. This property will offer custom-designed floor plans comprising of studio apartments along with one- and two-bedroom options totaling up to 228 apartment homes.
The sale of Alta Arlo Apartments marks another successful deal for Carmel Partner’s expanding portfolio as they continue their growth strategy nationwide through strategic acquisitions like these.
