By Kate Snyder
Seattle’s multifamily market is continuing to attract investors with the recent sale of an apartment complex in the city’s Capitol Hill neighborhood. The Roosevelt Apartments were purchased for $11.6 million, or approximately $232,000 per unit, by an entity affiliated with Lyle Snyder, of Mercer Island, according to King County property records. The seller was an entity affiliated with James Magnano, of Seattle.
Located at 1729 12th Ave., the 50-unit apartment complex was built in 1925 and offers a mix of 47 studios, two one- and one two-bedroom units, according to information from Cornell & Associates, which is a property management firm that manages the building. Amenities include remodeled common areas, on-site laundry facilities and storage space. Most upper-floor units also offer hardwood floors while ground-level units have plank flooring, vintage tiles and walk-in closets.
The property is less than a block from the Cal Anderson Park and is close to local restaurants and businesses as well as the M. Rosetta Hunter Art Gallery and Seattle Central College.
Seattle has seen a number of recent sales transactions in the city’s residential market.
The Encore at Columbia Station was sold for $35.3 million, or about $367,708 per unit, according to previous reporting by The Registry. The seller was BDR Holdings, a home builder based in Bellevue which originally developed the property, and the buyer was Green Leaf Capital Partners, a real estate investment firm based in Pleasanton, Calif. The 96-unit apartment building is located at 4689 Martin Luther King Jr Way S.
Earlier this year, the Roosevelt Ridge Apartments traded hands for $13.2 million, or approximately $175,333 per unit. The seller was an entity affiliated with RH Roosevelt Ridge LLC, which shares an address with the Gibraltar Group, a property management firm in Seattle. The buyer was an entity affiliated with Seattle-based Thayer Manca, an equity firm focused on multifamily investments. Located at 12002 NE Roosevelt Way, the Roosevelt Ridge Apartments consists of 75 units.