Home Finance 48-Unit Aloha House Apartments in Lower Queen Anne Sells for $16.9MM

48-Unit Aloha House Apartments in Lower Queen Anne Sells for $16.9MM

Seattle, Aloha House LLC, Early Design Guidance, Safeway, Capitol Hill, Keeler Investments Group, Aloha House Apartments, Mercer Island
Image courtesy of Pacific Crest Real Estate

By Jack Stubbs

On October 17th, the Aloha House Apartments in Seattle’s Queen Anne neighborhood sold for $16.9 million, or about $352,083 per unit, King County records show. The buyer was 100 Aloha LP, an entity affiliated with Oliver Chee based in Vancouver, BC, and the seller was Aloha House LLC, an entity based in SeaTac. 

The six-story Aloha House Apartments, located at 100 Aloha St., was built in 1963 and contains 48 units, according to the description on Pacific Crest Real Estate LLC’s web site. The property offers a mix of studio, one-, two- and three-bedroom units that rent for between $1,295 and $1,995 per month. 

Aloha occupies a prominent location in Queen Anne, offering views of downtown Seattle and Elliott Bay, and sitting in close proximity to various restaurants, bars, Kerry Park, Safeway and CVS. 

About one mile north of Aloha House Apartments, at 2100 Queen Anne Ave. N., developers Cahill Equities and barrientosRYAN, and property owner Safeway, were recently given the green light from the Downtown Design Review board at an Early Design Guidance (EDG) meeting to proceed with their plans to construct a 310-unit development on the site.

The Aloha Apartments is also roughly half a mile west of Lake Union and about two miles from Capitol Hill, where a number of multifamily properties have changed hands in recent weeks. In late September,  the 32-unit Swansonia Apartments just north of Cal Anderson Park sold for $10.8 million, or around $337,500 per unit, with Base Swansonia LLC acquiring the property from Mercer Island-based Swansonia LLC. 

In another transaction which recorded in late September, Mercer Island-based Keeler Investments Group (KIG) spent $10.46 million to acquire the Montage Condominiums—located at 1422 Boylston Ave.—from Logan, UT-based Mountainland Estates LLC.