The Jacobson Co. has sold Alley24, a 172-unit multifamily property in Seattle for $90 million.
The firm initially acquired the asset for $72 million in 2020 after recognizing the opportunity to purchase a core plus apartment community in the thriving South Union Lake submarket with room to maximize operational efficiencies.
The firm executed their acquisition strategy, conservative and disciplined investment philosophy, and management practices to create value for their investors, according to Larry Jacobson, president and CEO of The Jacobson Co.
“COVID presented serious challenges to multifamily owners in downtown Seattle. Fortunately, we were able to draw upon decades of multifamily investment experience, through good times and bad, and were able to maintain high occupancy during COVID and over time patiently add the value we always envisioned with this stellar asset, said Jacobson. “As a result of our strategy, we were able to maximize rent potential
