Institutional Property Advisors (IPA), a division of Marcus & Millichap, recently closed the sale of Encore, a 96-unit apartment building with 6,100 square feet of street-level retail located in Seattle’s Columbia City neighborhood. The property sold for $35.32 million or $367,917 per unit.
Originally developed as high-end condominiums in 2022 and situated near the Columbia City Link light rail stop, Encore is conveniently located within walking distance to the historic Rainier Avenue shopping and entertainment district. Giovanni Napoli – IPA executive director – commented on its advantageous location: “With more than 20 light rail stations opening over the next two years nearby residents can easily connect to major employment and lifestyle hubs throughout South Seattle.”
Napoli along with Philip Assouad , Ryan Harmon , Nicholas Ruggiero , Anthony Palladino from IPA represented seller BDR Holdings LLC while procuring buyer Green Leaf Capital Partners .
