The Puget Sound Business Journal has reported that The Duo, a newly constructed multifamily complex in University Place, was recently sold for $30.5 million at a rate of approximately $293,269 per unit. This property consists of two buildings located at 4201 and 4205 Bridgeport Way W., which were completed in 2023.
SEB Development was the seller of this property after acquiring it from an Oregon-based private investor for $1.5 million in 2021. The buyer is affiliated with a private investor and also acquired an adjacent parcel of vacant land spanning over one acre.
Featuring five stories and a total of 104 units including studios, one-bedroom apartments, and two-bedroom apartments; this community offers amenities such as a recreation room, fitness center,and outdoor patio area. Kirkland-based company11 Residential will now manage the property following its sale to the new owner.The transaction marks another significant multifamily deal in the region alongside FPA Multifamily’s purchaseof Atrium on James -a complex consistingof300 units- for$60.5 million .
Image credit: Puget Sound Business Journal
This recent sale highlights Connect CRE’s continued coverage on noteworthy transactions within our region’s real estate market.
