Home Finance 69-Unit Aire Apartments in North Queen Anne Sells for $28MM

69-Unit Aire Apartments in North Queen Anne Sells for $28MM

Seattle, North Queen Anne, Rizit Company LLC, King County records, South Lake Union, Aire Apartments, Gilman Apartments, Kami Limited Partnership
Image courtesy of www.aireseattle.com

By Jack Stubbs

On Friday, April 5th, the Aire Apartments in North Queen Anne—just east of the Interbay neighborhood and south of Fremont—sold for $28 million, or approximately $405,797 per unit, according to King County records. The buyer was Kami Limited Partnership based on Mercer Island, comprised of Olive Building LLC and Rizit Company LLC. The seller was Gilman Terrace Holdings LLC affiliated with Ken Okamoto based in Cave Creek, AZ. 

The three-story Aire Apartments, located at 2572 Gilman Dr. W. and also known as the Gilman Terrace Apartments, contains 69 units and was built in 1988, according to the property listing on apartments.com. The property offers a mix of studio, one-, two- and three-bedroom units that range from 600 to 1,500 square feet. 

According to the web site for the property, rents range from $1,495 to $2,995. Some of the in-unit amenities available to residents include wood-style flooring, in-home washer/dryer, quartz countertops and high-speed internet access. The property also featured an attached garage and electronic gate access.

Located in the northern portion of Queen Anne, the Aire Apartments sits in close proximity to various shopping, dining and entertainment options. The property is roughly three miles north of downtown Seattle and 2.5 miles southwest of South Lake Union. Additionally, Aire Apartments is also close to various parks and green spaces, such as Discovery Park, which is about three miles to the west. 

On March 13th, the Fifth Avenue Apartments in Queen Anne, located at 1401 Fifth Ave. N.  about two miles southeast of the Aire Apartments, sold for $10.1 million, or approximately $348,275 per unit, with Top of the 5th LLC acquiring the property from Laurence P. Gill. 

The buyer of the Aire Apartments, Olive Building LLC and Rizit Company LLC, recently sold two of its commercial assets in Capitol Hill.  As part of two separate transactions recorded on April 3rd, the entity sold two adjacent office buildings located at 123 Boylston Ave. E.—which total just over 17,500 square feet—to Vancouver, Canada-based Low Tide Properties for $16.9 million.