Home Finance 29-Unit Fifth Avenue Apartments in Seattle’s Queen Anne Neighborhood Sells for $10.1MM

29-Unit Fifth Avenue Apartments in Seattle’s Queen Anne Neighborhood Sells for $10.1MM

By Jack Stubbs

On Wednesday, March 13th, the Fifth Avenue Apartments in Seattle’s Queen Anne neighborhood sold for $10.1 million, or approximately $348,275 per unit, according to King County records. The buyer was Top of the 5th LLC, an entity based in Seattle, and the seller was an entity affiliated with Laurence P. Gill located in Seattle. 

The seven-story Fifth Avenue Apartments, located at 1401 Fifth Ave. N., contains 29 units and was built in 1963, according to public documents. The property offers a mix of one- and two-bedroom units that range from 395 to 1,050 square feet. The Fifth Avenue Apartments offers on-site property management and the units also include extra storage space and balconies. 

Located just north of Bhy Kracke Park, the property is roughly two miles north of the city’s downtown core, which includes various attractions like Pike Place Market on 1st Avenue and the Washington State Convention Center on Pike Street. Fifth Avenue Apartments is also about one mile from the city’s expanding South Lake Union neighborhood and less than half a mile from access to Washington State Route 99. 

There have not been too many multifamily transactions in the north Seattle neighborhood over the last few months; however, several projects are in the works in the neighborhood, which is predominantly residential. 

As one example, at the end of January, 2018, Hycroft Investment Inc. and Johnston Architects LLC received approve at a West Design Review Board meeting for a 95-unit project in Lower Queen Anne after more than a year of review. The property, located at 412 2nd. Ave. W., 2,595 square feet of commercial and retail space, a rooftop amenity and parking for 58 vehicles. 

As another example of activity in Queen Anne, in late October, 2018, the Canal Place Office Park sold for $18.1 million, or approximately $289 per square foot, with Stephen C Grey & Associates acquiring the 62,500 square foot property from Canal Place Office Park LLC based in Woodinville. 

Transactions like the recent sale of the Fifth Avenue Apartments and the late 2018 sale of the Canal Place Office Park indicate that Queen Anne continues to represent an appealing alternative to other areas of the city like the downtown core and South Lake Union. 

“We are excited to have acquired a property in such a dynamic and vibrant neighborhood with a great tenant mix. There are very few office projects in Seattle and on Lake Union that…are literally on the water and the trail,” said Mark Grey, principal and property manager at SCGA, at the time of the Canal Place Office Park transaction.  “The property offers the convenience of being close to Downtown and South Lake Union without having to deal with some of the nuances of those locations. This property compliments many of the other projects that we manage and have developed in the area.”