By Jack Stubbs
An apartment property in Seattle’s Greenlake neighborhood yesterday changed hands.
On Tuesday, July 31st, the Greenlake Terrace Apartments sold for $15.4 million, or approximately $320,833 per unit, according to public records filed with King County. The buyer was KWL Green Lake Terrace LLC, an entity affiliated with Hiroshi Matsumoto based in Los Angeles. The seller was Greenlake Terrace LLC, an entity affiliated with Frederick Gould and Julie Gould based in Seattle.
The three-story Greenlake Terrace Apartments, located at 7415 Fifth Ave. NE, was built in 1986 and contains 48 units, according to the property listing on apartments.com. Some of the amenities at complex include controlled access entry and gated outdoor space, while the units also feature a balcony, fireplace and fully-furnished kitchens.
The property, which contains units ranging from 740 to 832 square feet, is two blocks west from the edge of Green Lake and four blocks north of the PCC Community Markets Greenlake Village. Additionally, the complex is about one mile south of Maple Leaf Reservoir Park and less than half a mile from access to Interstate-5.
The sale price of the Greenlake Terrace was comparable to a couple of other sales that have occurred in the neighborhood over the last few months. On January 8th, Le Casita LLC, an entity based on Mercer Island, acquired the 62-unit Helene Apartments for $17 million, or approximately $274,193 per unit, from Woodinville-based Crosby Greenlake LLC. And on June 19th, California-based Granite Peak Partners acquired the 54-unit Sierra on Greenwood Apartments from Seattle-based Thayer Manca Residential for $16.2 million, or roughly $300,000 per unit.
