SEATTLE — Newport Beach, Calif.-based MIG Real Estate has purchased Solara, a multifamily property located at 12736 Lake City Way NE in North Seattle. Newport Beach, Calif.-based Sares Regis Multifamily Funds acquired the property for $84 million.
Built in 2001, Solara consists of three six-story buildings offering a total of 238 studio, one-, two- and three-bedroom apartments with nine-foot ceilings and in-unit washers/dryers. On-site amenities include a pool, theater, 24-hour fitness center, game room, WiFi café, parcel lockers, pet wash station, conference room, landscaped private courtyard and leasing center.
MIG plans to renovate the property by refreshing the interior amenities and leasing center, painting the exterior, updating signage, implementing light apartment renovations and refreshing the corridors.
Additionally, the community features five ground-floor retail suites totaling 5,893 square feet leased to The Beer Authority, Caoba Hair Salon and Spa and Seatango.
Jon Hallgrimson, Eli Hanacek, Frank Bosl and Kyle Yamamoto of CBRE represented the seller in the deal. Bill Chiles, Scott Peterson and Brian Cruz of CBRE Capital Markets in San Diego partnered with CBRE’s Seattle multifamily team in arranging financing for the acquisition on behalf of MIG.