As 2021 comes to a close, a number of transactions are closing just in time to make the fourth quarter of the year perhaps the busiest one, yet. One recent multifamily transaction in Seattle showcases the speed with which attractive properties can trade. Bellevue-based CES Properties was able to close on the sale of the 32-unit Belmont Court Apartments in Seattle’s Capitol Hill neighborhood on December 8 for $15 million, or $468,750 per unit. The buyer was Kirkland-based Trinity Real Estate, which purchased the property in just about two months from the time it was placed on the market in September.
The property, which was marketed by Jerrid Anderson, Brandon Lawler and Dylan Simon of Kidder Mathews in Seattle, needed to be sold by year-end, according to the flyer from the Kidder Mathews team. The team brought the apartment building to a buyer in a 1031 exchange off-market deal and negotiated a quick feasibility and closing, according to Kidder. .
The five-story building was developed in 2000, and it features 32 units. It is located at 424 Belmont Ave E, on the corner of Belmont Ave. E and E Republican St., and is comprised of a mix of studio, one-bedroom and two-bedroom units, ranging from 501 square feet to 991 square feet. According to an apartments.com listing, the property has no vacancies, although one month of free rent is advertised as an incentive for tenants who sign a full year lease.
The units feature washers and dryers, dishwashers, walk-in closets and unassigned parking.
The neighborhood is an attractive one for investors. Earlier this month, Seattle-based Laird Norton purchased two properties, Stream 15 and Stream Belmont, in the Capitol Hill for a combined price of $42,150,000. Combined, the properties have 97 units, so the price per unit came to $434,536.
According to a statement by Colliers, which worked on behalf of both parties, Capitol Hill has seen both a marked increase in rent and a reduction in available supply. “Rents in Capitol Hill are up 13 percent on average year-to-date, and just 429 units are currently under construction, marking [this] a five-year low,” said Sam Wayne of Colliers. “With limited supply and high demand, the area is poised for outsized growth.”
