Cushman & Wakefield this week announced that it has brokered the sale of the Stratford Square Apartments, located at 12707-12733 13th Lane SW in Burien (map below).
A Local Family Operator acquired the property consisting of 32 units spread across a mix of garden-style buildings and duplexes with townhome style layouts from Stratford Square LLC for $7.285 million.
According to online sources, monthly rent at these apartments ranges from $1,800 – $2,000.
Cushman & Wakefield’s Jacob Odegard, Dan Chhan, Tim McKay, Dylan Roeter, and Matt Kemper represented the buyer in the transaction. The seller was represented by Jon Breiner and Nick Hemming of Paragon Real Estate Advisors.
“The seller financed the sale which helped the buyer get into the deal with a lower down payment and interest expense while they work on stabilizing the asset. The buyer is excited to have acquired a high quality asset with great upside potential,” said Director Jacob Odegard.
Located at 12707-12733 13th Lane SW, immediately off SW 128th Street, Stratford Square Apartments comprises three (3)-story garden style buildings, each containing eight 2-bedroom/1.5-bathroom units approximately 1,000 square feet in size, and four duplexes with 2-bedroom/1.5-bathroom townhome style units. Those units boast a parking garage as well.
The complex was originally built in 1988. Key features include covered and uncovered on-site parking, in-unit washer/dryer, dishwasher, and fireplaces and balconies in most units.
The property is walkable to retail amenities and near several parks. It is also convenient to the SR 509 and SR 518 highway interchange (linking to I-5 and I-405 freeways) and is within minutes of Sea-Tac International Airport.
