Home Finance 39-Unit Raleigh Manor Apartments in Seattle’s Pinehurst Neighborhood Sells for $12.3MM During...

39-Unit Raleigh Manor Apartments in Seattle’s Pinehurst Neighborhood Sells for $12.3MM During Active Period in North Seattle

By Jack Stubbs

On Friday, February 8th, The Raleigh Manor Apartments in Seattle’s Pinehurst neighborhood—roughly eight miles north of the city’s downtown core—sold for $12.3 million, or approximately $315,384 per unit, according to public records filed with King County. The buyer was Henry Prosperous Property LLC, an entity based in Renton, Washington, and the seller was Raleigh Manor IR LLC and Park Place IR LLC based in Issaquah. The transaction was recorded on February 11th. 

The four-story property, located at 12000 15th Ave. NE, was built in 2000 and contains 39 units, according to the property listing on apartments.com. The property offers a mix of one- and two-bedroom units that range from 713 to 840 square feet. The units feature walk-in closets and on-site laundry, as well as a private balcony. 

Located in north Seattle, the property is roughly five miles north of the city’s ever-active Fremont neighborhood, where there are a number of leading-edge mixed-use office projects in the works. In December 2018, construction began on the highly sustainable Watershed Building, a a seven-story commercial office building located at 900 North 34th Street that will ultimately include 60,000 square-feet of Class A office space and 5,500 square-feet of ground-level retail space.

Set for completion in early 2020, Watershed is a partnership between Hess Callahan Partners, Mark Grey, Spear Street Capital, Weber Thompson and JLL. With a focus on sustainability, Watershed striving for the Seattle’s Living Building Pilot Program, a green building certification program that encourages deep reductions in water and energy usage—the goals of the program include the reduction of total energy usage by at least 25 percent and reducing total building water usage by 75 percent below the City’s baseline targets.

When complete, Watershed will be the only building to pursue the 2014 version of Seattle’s Living Building Pilot Program (LBPP) and the third building overall to pursue the program.

And in August 2018, construction began on Cedar Speedster, a new 3-story office and retail building located at 401 N 36th St. that will feature 20,480 square feet of commercial office space and 9,230 square feet of street-level retail and restaurant space.

Cedar Speedster is a collaborative effort between development company evolution Projects, developer Hess Callahan Partners, Stephen C. Grey & Associates, architecture firm Weber Thompson, Turner Construction (general contractor), DCI Engineers (structural engineering) and KPFF (civil engineer). 

The Raleigh Manor Apartments in Pinehurst is also just north of Northgate, a neighborhood that has seen some substantial interest from mixed-use developers over the last several months. As one example, Simon Property Group is developing the historic 55-acre Northgate Mall property located at 401 NE Northgate Way. 

Overall, the redevelopment will ultimately include approximately 596,600 square feet of retail on the site, as well as approximately 768,800 square feet of office space and 200 hotel units. The project will also include a total of 5,346 parking stalls and approximately 342,000 total square feet of public open space, according to Simon Property Group’s submitted project plans.

On February 1st, 2019, Simon Property Group and the rest of the Northgate Mall redevelopment team—which includes urban planning and architecture firm GGLO and Civil Engineer KPFF—received design approval from the Northeast Design Review Board to apply for its second Master Use Permit (MUP) for four mixed-use buildings along 5th Ave. NE. The approval came roughly a month after the Board granted the team permission to apply for its first MUP, one that covers the construction of an ice hockey center, offices and hotels in what will be a new home for a new NHL Seattle team.