March 13, 2019
UK-backed East To West Capital completed the disposition of two recently-developed micro-unit multifamily projects in Seattle and Portland, five years after entering the U.S. marketplace and forming joint venture partnerships with local multifamily developers. Both developments were sold to El Segundo, CA-based Wilshire Capital Partners.
The aggregate value of the dispositions exceeded $24.3 million and represented record per-square-foot pricing for micro-unit developments in those markets.
East To West Capitals’ Andrea Cassandro says, “We came to the U.S. bullish on the real estate investment climate here, believing that the development and management of micro-unit apartments could be a tremendous niche investment opportunity.”
The Redwood (pictured), a newly-constructed, 75-unit apartment community at 111 21st Ave E in the Pike-Pine Corridor of Seattle’s Capitol Hill neighborhood, was sold for $17.5 million. Koz on Yamhill, a newly-constructed, 30-unit apartment community at 2165 SW Yamhill St. in the Goose Hollow neighborhood of Portland, was sold for $6.8 million.
CBRE’s Seattle office worked with East to West Capital in the transactions.
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