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Greystar Acquires 170-Unit Zig Apts in Seattle

Joint Venture Sells 117,000-SF Multifamily Complex
January 23, 2018
Greystar, a fully-integrated multifamily investor and developer based out of Charleston, SC, strengthens its 2,206-unit portfolio in the Seattle metro with the acquisition of the 170-unit Zig apartment complex from the joint venture of Intracorp Real Estate LLC and The Resmark Cos. for an undisclosed fee.

The buyer was drawn to the Class A property by its central location, large population growth and increasing rental trends.

Delivering in 2017, the seven-story, mid-rise property is located at 550 Broadway in the First Hill community, which is in close proximity to Seattle’s CBD. The Zig totals 117,000 square feet and features 70 studio-, 64 one- and 36 two-bedroom units.

“This core plus acquisition is indicative of Greystar’s continued commitment to acquiring core assets in up-and-coming areas of gateway markets where we can deliver maximum returns and outstanding value to our investors,” noted Kevin Kaberna, executive director and leader of Greystar’s U.S. investment platform.

JLL brokered the deal on behalf of the seller.

Please see CoStar COMPS #4114385 for more information on this transaction.
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