By Kate Snyder
An apartment complex in Seattle was purchased recently in a deal that shows investors continue to be attracted to the city. The property, called the Auditorium Apartments, traded for $12.6 million, or approximately $247,058 per unit, according to King County property records. The buyer appears to be an entity affiliated with Kite Partners, a multifamily real estate investment firm. The seller was an entity affiliated with Auditorium Apartments, LLC, and the Zorotovich family.
Located at 605 5th Ave. N, the property consists of 51 units in a four-story building that was constructed in 1926, according to Apartments.com. The asset contains a mix of studios and one-bedroom units. The property is positioned in the city’s Lower Queen Anne district, which features attractions such as the Space Needle, the Museum of Pop Culture and the Pacific Science Center.
Seattle has seen several multifamily properties trade hands in recent months.
Earlier this month, Waterton, a national real estate investor and operator, announced its acquisition of a 186-unit, garden-style apartment community in Renton. According to property records, the sale price was $53.2 million, or approximately $286,021 per unit. The seller was an entity that shares an address with New York Life Investments. Comprising 18 garden-style apartment buildings with one- and two-bedroom floorplans boasting private balconies, 2000 Lake Washington is located at 1300 N 20th St. on the east side of the city.
Earlier this year, an entity affiliated with Veritas Investments bought two residential buildings for $18 million total, or approximately $310,344 per unit. The seller was an entity affiliated with Mayfield Investment Company. Located at 305 and 311 Bellevue Ave. E, respectively, The New Carroll and the Capitol Hill Park Apartments are mid-rise buildings that offer both one- and two-bedroom units. Originally built in 1908 and renovated in 2003, The New Carroll contains 33 apartments and features large floor plans, nine-foot ceilings, bay windows and a spiral entry staircase. Capitol Hill Park contains 25 apartments and was erected in 1994.
