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7/22/26
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In a recent Seattle multifamily trade, Sound Asset Partners paid $4.575 mil for Casa del Rey, a 30-unit ($152.5k/unit) mixed-use apartment building, located at 321 Broadway E in the city’s Capitol Hill neighborhood. In addition to its 27 residential units, Casa del Rey has three ground-floor retail spaces occupied by Buck Horn Barbershop, Spin Cycle Movies, Records, and Games, and a coffee stand.
Built in 1910, Casa del Rey is among the oldest apartment buildings on Capitol Hill and has unreinforced masonry (URM) construction. Due to the potential costs associated with seismic retrofitting, building system upgrades, and higher insurance premiums, it can be a unique challenge to find a buyer that is prepared to handle the necessary improvements on URM properties. However, Sound Asset Partners has experience owning and operating similar assets, and recognized the property's strong in-place cash flow, prime location, excellent light rail connectivity, and value-add potential through renovations.
Matt Johnston, Jerrid Anderson, Matt Laird, and Jack Shephard of Kidder Mathews’ Simon | Anderson Multifamily Team represented the seller, 321 Broadway Associates LLC, a Seattle-based real estate investment company.
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