First transaction in 20 years generates competitive bidding in coveted neighborhood

An apartment complex in Seattle’s coveted Magnolia neighborhood has changed hands for the first time in two decades, underscoring the continued strength of the Pacific Northwest’s multifamily investment market despite broader economic headwinds.

Berkadia Seattle’s investment sales team closed the $7.12 million acquisition of Magnolia Suites, a 24-unit value-add property located at 2410 W Manor Place. The transaction penciled out to approximately $296,667 per unit.

Managing Directors Mitchell Belcher and Steven Chattin led the transaction for Berkadia, navigating what proved to be a competitive sales process. The property attracted 13 prospective buyer tours and generated six formal offers, signaling robu

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