Home Finance 47-Unit Davenport Apartments in Seattle’s Denny Triangle Area Sells for $11.1MM

47-Unit Davenport Apartments in Seattle’s Denny Triangle Area Sells for $11.1MM

By Jack Stubbs

There has been no shortage of activity occurring in Seattle’s Denny Triangle, and an apartment community changed hands late last week.

On Friday, April 6th, The Davenport Apartments sold for $11.1 million, or approximately $236,170 per unit, according to public records filed with King County. The buyer was
CX3 Davenport LLC, an entity affiliated with Sam and Susie Naficy based in Bellevue. The seller was Macton LP and Ron Danz Davenport LLC, entities affiliated with individuals Donna Smith and Ron Danz based in Seattle.

The transaction was recorded on April 9th.

The three-story Davenport Apartments, located at 420 Vine St., was built in 1925 and contains 47 units, according to the property listing on apartments.com. The property contains a mix of studios and one-bedroom units that range from 525 to 650 square feet.

Some of the in-unit amenities include hardwood floors, tile floors and walk-in closets, while some of the community amenities include an outdoor courtyard, laundry facilities and covered parking.

The apartment property occupies a prominent location in the Denny Triangle area. The asset is half a mile from Denny Park and less than a mile from the Space Needle. Additionally, the property is approximately one mile from access to Washington State Route 99 and roughly the same distance from the edge of the Elliott Bay waterfront.

According to a 2018 Seattle Apartment Market Knowledge Report written by Colliers International’s Seattle apartment market team, the multifamily market in the downtown/Belltown/South Lake Union neighborhoods has been active in recent months: the 2017 vacancy rate for multifamily properties built before 2009 was 4 percent, compared to 4.3 percent in 2016. Rents have increased as well for the same class of properties: in 2016, average rents in the submarket was $1,992 compared to $2,125 in 2017, according to the report.