Home Finance 49-Unit Apartment Community in Seattle’s Capitol Hill Neighborhood Trades for $14.25MM 

49-Unit Apartment Community in Seattle’s Capitol Hill Neighborhood Trades for $14.25MM 

Velo Apartments, Cameron Velo LLC, Cornell Associates, 301 Velo LLC, Seattle, Capitol Hill, Cornell Associates

By Catherine Sweeney 

In recent months, multifamily property in Seattle has been selling left and right. One recent sale in Seattle’s Capitol Hill neighborhood adds to this trend. According to King County public records, the Velo Apartments – a 49-unit apartment complex at 301 E Roy Street – has been traded for $14.25 million, or roughly $290,816 per unit. 

Records show that the apartment was acquired by 301 Velo LLC, a Snohomish-based limited liability company associated with Nik Fard. The seller in the transaction is Cameron Velo LLC, an entity which is linked to Seattle-based Cornell Associates, Inc.

The Velo Apartments are located at 301 E Roy Street in Seattle’s Capitol neighborhood, on the corner of Melrose and Roy.  Built in 1966, the property reaches six floors and contains 48 one-bedroom and one two-bedroom units. 

The property also features several amenities, including upgraded modern finishes, laundry facilities and onsite parking. 

“The building offers fantastic views combined with spectacular finishes. Granite countertops, laminate hardwood floors, new stainless steel appliances, and gorgeous backsplashes in each kitchen boasting a unique condominium feel,” Cornell Associates states on its website.

Located in the highly walkable Capitol Hill neighborhood, the property is also steps away from a number of shopping, dining and entertainment options. The property is also situated just off Interstate 5, providing easy access to the rest of the Puget Sound. 

Overall, Seattle has seen a number of multifamily deals closed over the past several months. Most recently, Shelton Eastlake, a 61-unit apartment building located at 2359 Franklin Ave E. sold for $25.2 million, or about $413,114 per unit. In another transaction that closed earlier this month, EverWest Real Estate Investors paid $54.5 million, or about $419,230 per unit, for the Muir Apartments. Located at 1601 S. Lane Street, the apartment complex offers a total of 130 apartment units.