Home Finance 41-Unit Mercer Apartments in Lower Queen Anne Sells for $11.8MM

41-Unit Mercer Apartments in Lower Queen Anne Sells for $11.8MM

By Jack Stubbs

On December 5th, as a transaction that was recently recorded, the Mercer Apartments in Lower Queen Anne sold for $11.8 million, or around $287,804 per unit, King County records show. The buyer, MGRE 105 Mercer LLC, an entity affiliated with Melina Lin, shares the same address as MS Property Management, a multifamily property investment company based in Renton. The seller was 105 Mercer LLC, an entity affiliated with Mark Knoll based in Seattle. 

The Mercer Apartments, located at 105 Mercer St. just a few blocks west of South Lake Union, is a three-story property constructed in 1929 that contains 41 units, according to the listing on apartments.com. Mercer Apartments offers a mix of recently-upgraded studio and one-bedroom units that range from 551 to 800 square feet.

Sitting at the corner of 1st Ave. N. and Mercer Street, the property is immediately adjacent to various attractions in Belltown including the Space Needle, Key Arena, Museum of Pop Culture, Seattle Center and the Bill & Melinda Gates Foundation. 

MS Property Management, a division of MS Real Estate Company, was founded in 2001 and is currently active in real estate investment throughout the Puget Sound region and other emerging markets across the U.S., according to the company’s web site. Some of MS Real Estate Company’s other multifamily assets in Seattle include the Divine Court Apartments, Mountain View Apartments and the Alpha Apartments. 

The Mercer Apartments sale was recorded several days before another property in Queen Anne changed hands for a sizable sum. On December 10th, Carson City Parkway LLC, an entity affiliated with Belmont, CA-based Village Properties, spent $30.6 million to acquire the 54-unit Gilbert Apartments located at 1529 Queen Anne Ave. N.