By Jack Stubbs
The Gilbert Apartments, a 54-unit apartment complex in Seattle’s bustling Queen Anne neighborhood sold on December 10th for $30.6 million, King County records show. The buying entity—one of several listed in public documents—was Carson City Parkway LLC, which shares the same address in Belmont, CA as Village Properties Operating Company. The seller, LPF Gilbert House LLC, was an entity affiliated with LaSalle Investment Management based in Chicago.
Giovanni Napoli, Philip Assouad, Ryan Dinius, and Sidney Warsinske at IPA were the brokers for the sale of the property.
Built in 2005 and located at 1529 Queen Anne Ave. N., the Gilbert Apartments contains 54 units across four stories, according to the listing on apartments.com. The property offers a mix of studio, one- and two-bedroom units that range from 662 to 1,090 square feet and rent for between $1,918 and $3,027, according to information provided on the property’s web site.
Offering controlled-access and decks on the first and fourth floors, the property’s location in the heart of Queen Anne is one of its primary draws, with a number of neighborhood amenities available within close proximity. “The Gilbert is a community offering a spectacular location in Upper Queen Anne. It might just be the high ceilings in your apartment or the shops and restaurants at your door that makes you smile…The Gilbert living is a refuge for the individualist at heart,” the web site states.
A number of multifamily properties in Queen Anne—a predominantly residential neighborhood which also allows easy proximity to Seattle’s Central Business District—have traded over the last few months, with the exchange of The Gilbert Apartments serving as the latest example.
In mid-October, the 48-unit Aloha Apartments, located at 100 Aloha Street, sold for $16.9 million, or about $352,083 per unit. The Aloha Apartments is also roughly half a mile west of Lake Union and about two miles from Capitol Hill, where in late September, the 32-unit Swansonia Apartments just north of Cal Anderson Park sold for $10.8 million, or around $337,500 per unit.
About one mile north of Aloha House Apartments at 2100 Queen Anne Ave. N., developers Cahill Equities and barrientosRYAN, and property owner Safeway, were granted approval earlier this year from the Downtown Design Review board at an Early Design Guidance (EDG) meeting to proceed with their plans to construct a 310-unit development.