SEATTLE — Rise Properties Trust has completed the disposition of Northline, a multifamily asset in Seattle’s Bitter Lake neighborhood. FPA Multifamily acquired the property for $17.7 million, or $159,910 per unit. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
Northline features 111 one- and two-bedroom apartments with open-concept layouts, updated kitchens, stainless steel appliances, wood-style flooring, wood-burning fireplaces and in-home laundry. Select units offer vaulted ceilings, sunken living rooms and private patios. Onsite amenities include a resident lounge, dog park and a covered outdoor gathering area with a barbecue, fireplace and seating.