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Mid-Rise Apartment Building in Seattle Sells for $20 Mil

6/25/24

Uptown Queen Anne Apartments, a mid-rise apartment building in Seattle with 60 res units and two commercial spaces, traded hands for $19.9 mil. The property is located at 315 1st Avenue W, just west of the Space Needle and Hwy 99.

Uptown Queen Anne Apartments is a modern asset located in the prime Queen Anne neighborhood, close to the Climate Pledge Arena. The property features large units with scenic views, making it a highly desirable investment.

The sale equated to a price per unit of $331k and a price per square foot of $496. The cap rate for this transaction was 4.7%.

Jerrid Anderson and Winslow Lee with Kidder Mathews represented the seller in this off-market transaction. The seller was the original developer of the property and had owned the building since 2001. The buyer, Trinity Real Estate, is a well-respected investor in the Puget Sound area.




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