By Jack Stubbs
On Friday, September 7th, an apartment property in the Queen Anne neighborhood of Seattle sold for $8.6 million, or approximately $358,333 per unit, according to public records filed with King County. The buyer, Tacoma Investments, shares the same address as Seattle Pacific Industries Inc., a clothing wholesaler based in Seattle. The name of Stephen Ritchey, who is president at Seattle Pacific Industries, appears on public documents. The seller of the property was BC Property Investors LLC, an entity affiliated with Patrick A. Cahill based in Seattle.
Seattle Pacific did not respond to calls for comment about the transaction in time for the publishing of this story.
The three-story 215 Boston Street Apartments, located at 215 Boston St., was built in 1958 and contains 24 units, according to the property listing on apartments.com. The property offers one-bedroom units that average 550 square feet. According to the web site for 215 Boston, the asset features freshly-remodeled units built for “flexible, modern living.”
The units feature stainless steel appliances, LED lighting, wood-plank flooring and in-unit washer and dryer. The property also includes a community garden courtyard, off-street parking and an online rent payment and property maintenance portal.
The web site also highlights the asset’s location “tucked away in quiet, residential Upper Queen Anne” within walking distance of various parks, shops and the western shore of Lake Union. The asset is approximately two miles north of South Lake Union and three miles north of Seattle’s Central Business District. Additionally, the property is roughly one mile from access to Washington State Route 99.
Along with the sale of the 215 Boston Street Apartments, a couple other apartment sales have occurred in the northern Seattle neighborhood since the beginning of 2018. In early February, private real estate investment company Washington Holdings acquired the 100-unit Henry Apartments in North Queen Anne for $42.1 million, or approximately $421,000 per unit, from Seattle-based Daly Partners. And on February 27th, an entity associated with Bellevue-based Continental Properties LLC purchased the 66-unit 100 Roy Street Apartments for $22 million, or roughly $333,333 per unit.