By Jack Stubbs
Another apartment property in Queen Anne changed hands last week.
On Tuesday, February 27th, the 66-unit 100 Roy Street Apartments sold for $22 million, or approximately $333,333 per unit, according to public records filed with King County. The buying entity shares the same address as Bellevue-based Continental Properties LLC, a residential development company. The seller of the asset is CTA II LLC, an entity affiliated with SMS Family Reverse LLC, whose company contact listed in public documents is Gail Mautner. The transaction was recorded on March 1st.
Continental Properties did not respond to calls for comment about the transaction in time for the publishing of this story.
The 4-story Roy St. Apartments, located at 100 Roy St., was built in 1948 and contains 66 units, according to the property listing on apartments.com. The apartment complex contains 1-bedroom units that total 600 square feet and rent for $1,350. The units feature fully-furnished kitchens and the property also includes a surface parking lot.
Located in Uptown Queen Anne, the apartment complex sits within three blocks of several other apartment communities. Some of these include the 32-unit Vali Hai Apartments, a 4-story property built in 1959; Uptown11, a 34-unit 3-story complex; and the Expo Apartments.
The 100 Roy St. Apartments occupies a prominent location near Belltown. The property is just four blocks from the Space Needle and Seattle Center, and is also less than half a mile from the edge of Lake Union. Additionally, the property is approximately one mile from access to Washington State Route 99.
Continental Properties and its predecessors, Continental-Bentall LLC and Continental Pacific Inc. have been in the development business since 1977, according to the company’s web site. Since its founding, Continental Properties has built over 3,000 multifamily units in the Northwest. Some of the properties in Seattle developed by Continental Properties include the 366-unit Metropolitan Tower located in Downtown Seattle; the 76-unit Jax Apartments in Queen Anne; and the 70-unit Gatsby Apartments in Capitol Hill. Continental also developed the 314-unit Tower12 Apartments, which Weidner Apartment Homes acquired for $225.25 million in October 2017.
The sale of the 100 Roy St. Apartments comes at a time when the residential market in Queen Anne is set for even more activity in the coming months. There are currently 12,061 units in the Queen Anne/Interbay submarket, with another 357 units set to be delivered over the next 12 months, according to a fourth quarter 2017 Seattle Development Pipeline Report written by Colliers International’s Seattle Apartment Team. There are 2,215 units set to be delivered over the next five years and another 575 under construction and 1,628 planned or permitted.
Some of the apartment complexes currently under construction in the Interbay/Queen Anne submarket include the 230-unit Axle Apartments (set for completion in March 2018); the 59-unit Werner Apartments (set for completion in third quarter 2018); and the 38-unit Dravus Apartments, which is also scheduled for completion in third quarter 2018, according to the report.