Marcus & Millichap : Arranges The Sale Of A 16-unit-Apartment Building

SUMNER, WA, March 15, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 1314 Maple, a 16-unit apartment property located in Sumner, Washington. The asset sold for $3,620,000.

Kellan Moll, Mitchell Loofburrow and Scott Morasch, investment specialists in Marcus & Millichap's Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

1314 Maple is located at 1314 Maple Street in Sumner, Washington. The property is comprised of Studio and Urban 1 Bedroom units, averaging 458 square feet and serves the upper end of the submarket's tenant base with in-place rents well north of $3.00/sqft. The Sellers completed a $1M+ interior and exterior renovation to deliver a boutique Class A product truly incomparable to any submarket competitors. The first-time Buyers were able to take advantage of the assumable Agency Financing originated by MMCC in 2021 that carries a 3.5% fixed rate through 2031 at 65% LTV, and provides over 200bps of positive leverage.

The sale Price Per Square Foot of $495 for 1314 Maple shatters the previous record for multifamily assets in the Puyallup/Sumner submarket by over $140/sqft, or more than 40% (per CoStar data and Public Record).