Home Finance 62-Unit Helene Apartments in Seattle’s Greenlake Neighborhood Sells for $17MM

62-Unit Helene Apartments in Seattle’s Greenlake Neighborhood Sells for $17MM

January 8, 2018

In the Seattle’s currently-booming residential market, it’s no surprise that residential assets are continually changing hands. And the recent sale of one property in Seattle’s up-and-coming Greenlake neighborhood demonstrates that the residential market is as active as ever.

On Tuesday, January 2nd, the Helene Apartments in Greenlake sold for $17 million, or roughly $274,193 per unit, according to public records filed with King County. The buyer of the 62-unit apartment property was Le Casita LLC, an entity based on Mercer Island. The seller of the asset was Crosby Greenlake LLC, an entity affiliated with an individual Kazuo Yamada, based in Woodinville. The deal was recorded on January 4th.

Located at 414 NE Ravenna Blvd., the four-story Helene Apartments was built in 2016 and contains 62 units, according to the property listing on apartments.com. The building has studios (that range from 310 to 390 square feet and rent for between $1,200 and $1,495) and one-bedroom units (which range from 500 to 520 square feet and rent for between $1,595 and $1,650).

According to the property’s web site, some of the prominent in-unit amenities include stainless steel appliances, washer and dryer, vinyl tile floors and quartz countertops. Additionally, some of the main building amenities available to residents include expansive windows with natural lighting, a green roof, on-site property management and controlled access. The web site also highlights the property’s participation in the efforts of the Greenlake community to minimize environmental impact: the units feature energy efficient lighting and heating and water conserving fixtures, among other environmentally friendly features.

The complex is close to public transit, as well as various grocery, restaurant and retail options for residents. The property is just one block from Green Lake Park and the adjacent Green Lake. Additionally, the property is just two miles north of the University of Washington and less than a mile from access to Interstate 5.