EverWest has acquired Muir Apartments, a 130-unit community in Seattle. Daly Partners sold the Class A asset for $54.5 million. The seller was represented by Executive Vice Presidents Dylan Simon and Jerrid Anderson, as well as Associate Vice President Winslow Lee of Kidder Mathews.
Located at 1601 S. Lane St., in the Central District and next to the Chinatown International District, the property is less than 2 miles from downtown Seattle. Recreational and cultural activities in the surrounding area include the Pratt Fine Arts Center, Wing Luke Museum of the Asian Pacific American Experience and parks. Dining and retail options are available within walking distance along Rainier Avenue and Jackson Street.
Built in 2019, the seven-story mid-rise community consists of studio, one- and two-bedroom apartments, averaging 609 square feet. Muir Apartments also includes 12,266 square feet of ground-floor retail space. Amenities include a rooftop deck.
Muir Apartments is EverWest’s latest Seattle acquisition, following the purchase of Junction Landing and Junction Flats in April, which traded for $58.3 million. The metro’s rental segment has made headway during the past year and a half, with rents up a strong 14.8 percent year-over-year through March, slightly above the 14.3 percent U.S. average, according to a recent Yardi Matrix report.