Home Finance 37-Unit Capitol Hill Apartment Building Sells for $11.8MM

37-Unit Capitol Hill Apartment Building Sells for $11.8MM

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1711 Apartments, Capitol Hill, Anderson View,
1711 Apartments | Photo courtesy Colliers

By Brittan Jenkins

The 1711 Apartments in Seattle’s Capitol Hill neighborhood now have a new owner. Capitol Park LLC, associated with Eric Anderson and Inessa Anderson, sold the apartment building to JETTapt LLC, associated with Ted Ho and Julie Ho for $11,800,000 or about $318,919 per unit in a deal that closed June 23rd. According to King County public records, $34,770 was deducted in personal property resulting in a taxable selling price of $11,765,230.

The 18,672 square foot apartment building is located at 1711 12th Ave., just two blocks from the new Capitol Hill light rail station. The four-story apartment building was constructed in 2014 and includes 37 units, two of which are life/work units. Anderson View developed the property and Caron Architecture served as the architect for the project.

There are seven one-bedroom loft units that average about 679 square feet with average rents at $1,900 per month, six studios that average 413 square feet and run about $1,403 per month, and 24 open one-bedrooms that average 477 square feet and cost about $1,622 per month. Each unit comes with in-unit washers and dryers and was built with an energy efficient design. There’s also a rooftop deck, bike storage and inside trash and recycling room. However, there’s no parking.

According to a flyer for the property, the building was being advertised at $12,400,000 or about $335,135 per unit. All in all, the building sold for $600,000 less than the original asking price.

The building has a walkscore of 96, transit score of 77 and a bike score of 87.