By Jack Stubbs
Seattle’s Capitol Hill neighborhood, a dynamic area of the city that is known for its bustling retail-oriented streetscapes and its proximity to various city attractions, has seen a number of apartment properties change hands over the last few months, with the late September sale of another apartment property the latest indication that interest in the neighborhood remains.
On September 25th, the Swansonia Apartments sold for $10.8 million, or around $337,500 per unit, King County records show, with Base Swansonia LLC based in Seattle acquiring the property from Mercer Island-based Swansonia LLC, an entity affiliated with Kerry S. Bucklin.
Originally built in 1925, the three-story Swansonia Apartments contains 32 units, according to the property listing on apartments.com. The property is located in close proximity to several other multifamily communities in Capitol Hill, some of which include Footprint Eleventh, a 30-unit property; the 59-unit Park Manor Apartments; and the Zephyr Apartments located at 1650 E Olive Way, which is a 7-story, 79-unit property built in 2014.
Swansonia Apartments also sits just four blocks north of Cal Anderson Park, which is immediately adjacent to the Pike/Pine retail corridor. The building is also roughly one mile east of South Lake Union.
In late June, Holliday Fenoglio Fowler (HFF) announced that it had secured $31.3 million in construction financing for the development of Pivot, a mixed-use residential, office and retail property in Capitol Hill that Vibrant Cities is developing.
At the end of July, The Lavanch Apartments, a 20-unit apartment building located in Capitol Hill’s mansion district, sold for $6.85 million.