Press Release: McQuaid Commercial Closes Bitter Lake 22-unit

July 6, 2010: McQuaid Commercial Real Estate closed the sale of the Arbor Heights Apartments, a 22-unit building located at 625 N. 130th Street in Seattle.

“This is a great example of the current marketplace where only truly good properties appropriately priced are selling while mediocre buildings are languishing on the market” Michael McQuaid, who represented the seller of Arbor Heights, said Tuesday.

The buyer for the property, Greg Deer, bought as the up-leg of a 1031 exchange with the sale proceeds from a string of duplex properties he recently sold on Beacon Hill in Seattle.

The seller, an LLC for a local unnamed owner who sold to re-deploy the equity into a new business venture, was pleased to be one of few sales this year.

The price of $2,300,000 worked out to a CAP rate of 6.21 and a GRM of 9.85.

MCQUAID Commercial Real Estate is located at 400 Roy street in lower Queen Anne. It is an open concept, boutique-style firm offering advising services and focuses on superior client representation.