A two-building multifamily portfolio in West Seattle’s Junction area sold last month for $111 million, averaging over $330,350 per unit, according to excise tax affidavits posted September 12 by King County.
The mixed-use properties include the 136-unit Mural at 4727 42nd Avenue SW and the 200-unit Link at 4550 38th Avenue SW. The seller is an entity affiliated with Los Angeles-based American Realty Advisors.
Carlsbad, California-based Virtu Investments purchased the properties, citing strong Seattle market fundamentals and limited new supply.
“We are very bullish on the Seattle market and its supply-vs.-demand fundamentals,” Erik Reif, Virtu senior director of acquisitions, said Monday. “The supply situation in Seattle is very interesting. The cost to deliver this kind of product today would be approximately $500,000 per unit.”
High construction costs and extended timelines in Seattle rival parts of California, making new projects difficult to finance, Reif added. While Seattle isn’t the most expensive market for new apartment construction, it ranks among the highest nationally.
Seattle-based Harbor Properties developed the Mural and Link, which opened in 2009 and 2011 respectively. American Realty Advisors acquired the properties from Harbor in 2012 for $104.5 million total.
Retail spaces at both properties are fully leased. The Mural contains 5,000 square feet of commercial space, with tenants including Portage Bay Cafe, Season’s Salon & Spa, and Just Poke. The Link has 13,000 square feet of retail space housing West of Chicago Pizza and Bright Horizons at West Seattle, plus underground parking for 125 vehicles.
Virtu noted in a news release that West Seattle has no new apartment supply on the horizon with overall development pipeline tapering, suggesting rents will increase for years to come.
Virtu’s Seattle-area portfolio includes several apartment buildings, including the 338-unit Skyglass tower in South Lake Union, which traded for $173.8 million in July 2024. The company is actively seeking additional multifamily investment opportunities in Seattle, Reif said.
A JLL team including David Young, Corey Marx, and Chris Ross represented Virtu. Broker information for the seller was not available.
The transaction reflects continued investor interest in Seattle multifamily properties despite higher acquisition costs, driven by limited new construction and strong rental demand fundamentals.
