Home Finance 43-Unit Micro Apartment Building in Seattle, WA Sells for $5.6 Million

43-Unit Micro Apartment Building in Seattle, WA Sells for $5.6 Million

Kidder Mathews, Seattle, Spring Park Flats
Courtesy of Kidder Mathews

Seattle, Wash. (February 19, 2021) – Spring Park Flats, a micro apartment building located at 1519 E Spring Street in Seattle, Washington, has been sold to a local apartment investor for $5,600,000, equating to $781 per NRSF at a 2.7% cap rate on in-place operations.  The seller was represented in the transaction by Dylan Simon, Jerrid Anderson, and Matt Laird of The Simon Anderson Team, a multifamily investment sales team at Kidder Mathews.

Spring Park Flats was built in 2016 and consists of 43 micro apartment units averaging 167 square feet each and is ideally located within a few blocks of Capitol Hill, Seattle University, and Swedish Medical Center.  The property offers considerable management upside for the buyer with the opportunity to capitalize on renters’ demand for affordable housing in highly desirable neighborhoods with excellent proximity to shopping, entertainment, and job centers.

“We are excited to close another micro apartment sale.  Our team has brokered every micro apartment sale in Puget Sound.  We look forward to continued success for both buyers and sellers in this niche space,” said Jerrid Anderson.

About the Dylan Simon and Jerrid Anderson apartment brokerage team
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents investors in the sale, purchase, and financing of apartment buildings and development land across the greater Seattle and Puget Sound region. The team of seven brokerage professionals specializes in sales and financings of apartment buildings and development land from $1 million to in excess of $100 million. 

About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with over 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $8 billion in transactions, manages over 70 million square feet of space, and conducts over 1,800 appraisals annually.