Press Releases
Marcus & Millichap Arranges $3 Million Sale of Seattle Apartments
July 21, 2026
SEATTLE, July 21, 2026 — Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Penrith, a 15-unit apartment property for $3 million in Seattle's University District.
“Seattle's multifamily market is entering a new phase of confidence as buyers and sellers continue to close the bid-ask gap that defined the last few years,” said Jake Morse, director investments. “With the University of Washington continuing to drive long-term housing demand, well-located apartment communities like The Penrith remain highly attractive to investors.”
Morse, investment specialist in Marcus & Millichap’s Seattle office, exclusively marketed the property on behalf of the seller, Brookmar Properties LLC, and procured the buyer, a Seattle-based individual.
The property is located at 4708 22nd Ave NE. Built in 1956, the 6,775-square-foot property includes 15 apartment units and 14 off-street parking spaces. The asset sold for approximately $443 per square foot, exceeding the Seattle market's year-to-date average. Located less than half a mile from the University of Washington and within walking distance of University Village and the U District Light Rail Station, the property benefits from strong student and workforce housing demand. The buyer plans to complete light interior cosmetic renovations.
“Seattle's multifamily market is entering a new phase of confidence as buyers and sellers continue to close the bid-ask gap that defined the last few years,” said Jake Morse, director investments. “With the University of Washington continuing to drive long-term housing demand, well-located apartment communities like The Penrith remain highly attractive to investors.”
Morse, investment specialist in Marcus & Millichap’s Seattle office, exclusively marketed the property on behalf of the seller, Brookmar Properties LLC, and procured the buyer, a Seattle-based individual.
The property is located at 4708 22nd Ave NE. Built in 1956, the 6,775-square-foot property includes 15 apartment units and 14 off-street parking spaces. The asset sold for approximately $443 per square foot, exceeding the Seattle market's year-to-date average. Located less than half a mile from the University of Washington and within walking distance of University Village and the U District Light Rail Station, the property benefits from strong student and workforce housing demand. The buyer plans to complete light interior cosmetic renovations.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
