Home Finance 49-Unit Apartment Building in Seattle’s South Lake Union Trades in Equity Deal...

49-Unit Apartment Building in Seattle’s South Lake Union Trades in Equity Deal Worth $29.1MM

South Lake Union, Wilshire Capital Partners, Fox & Finch Apartments, Amazon

By Catherine Sweeney 

After it was first developed by Wilshire Capital Partners in 2017, a 49-unit apartment building in Seattle’s South Lake Union is trading in what appears to be an equity deal worth $29.1 million as both the buyer and seller are the same. According to King County public records, the buyer in the transaction is Daiwa Wilshire Seattle I SPE LLC, and the seller is WC Seattle I SPE LLC. Both entities are associated with Wilshire Capital Partners.  

The apartment complex, Fox & Finch Apartments, is located at 525 Boren Avenue North, and contains a mix of one- and two-bedroom units. The property’s website shows that rental rates at Fox & Finch range from $2,088 to $3,409 per month. 

The property also offers a wide range of amenities, including a dog run, gym, lounge, package concierge and a rooftop terrace. 

“With a plethora of floor plan options for your sizing needs, our urban one bedrooms, one bedrooms and two bedrooms make the most of city living. Enjoy the natural lighting that comes with floor-to-ceiling windows, beautiful hardwood-style flooring and the convenience of in-unit washer/dryers,” the apartment complex’s website states. 

Located in South Lake Union, the property is across from Amazon’s headquarters campus. The apartment building is also closely situated to the on-ramp of Interstate 5 as well as several bus stops. 

Also nearby is another Wilshire Capital Partners development at 403 Dexter Avenue North. Referred to as Tellus on Dexter, the multifamily development was completed in 2019 and totals 98 units. As well as its properties in Seattle, Wilshire Capital Partners maintains a nationwide portfolio, with assets in Los Angeles, Phoenix, Dallas and Portland. The El Segundo-based investment and development firm was founded approximately 20 years ago and invests in a variety of property types, including multifamily, office and development opportunities.