Home Finance 61-Unit Park 3025 Apartments in Lake City Sells for $17.75MM

61-Unit Park 3025 Apartments in Lake City Sells for $17.75MM

Seattle, ACME Realty, Park 3025 Apartments, Lake City, Washington State Route 522, Shoreline, Northgate, Simon Property Group
Image courtesy of www.park3025.com

By Jack Stubbs

Another apartment complex in north Seattle recently changed hands.

On Tuesday, March 27th, the 61-unit Park 3025 Apartments in Lake City sold for $17.75 million, or approximately $290,983 per unit, according to public records filed with King County. The buying entity shares the same address as Mercer Island-based ACME Realty, an owner and operator of real estate in the Puget Sound region. The seller was Core 3025 LLC, an entity affiliated with Michael J. Henry—whose signature appears on public documents—who is the principal at Dallas, Texas-based Jaybird Holdings.

Mark Zoffel and Kyle Yamamoto of Seattle-based CBRE Capital Markets represented the seller in the transaction.

Core 3025 LLC is making a significant investment on the property, which it acquired for $8.9 million in 2014, according to public documents.

The 4-story Park 3025 Apartments, located at 3025 NE 137th St., was built in 1982 and contains 61 units, according to the property listing on apartments.com. The apartment community offers one- and two-bedroom apartments, according to the property’s web site. The one-bedroom units are 850 square feet and rent for between $1,366 and $1,633, while the two-bedroom units range from 950 to 1,100 square feet and rent for between $1,650 and $1,988.

The units feature washer/dryer, fireplace and patio/balcony and some of the prominent community amenities include fitness center, clubhouse, business center and resident garage, according to the web site.

Located in Seattle’s Lake City neighborhood, the property sits three miles to the north of Seattle’s up-and-coming Northgate neighborhood—where Simon Property Group is planning a redevelopment of the historic Northgate mall originally opened in 1950—and four miles to the south of the city of Shoreline. Additionally, the property is less than a mile from Washington State Route 522 and roughly half a mile from the edge of Lake Washington.

Based in Mercer Island, ACME Realty specializes in the repositioning and repurposing of multifamily and office assets throughout the Puget Sound region, according to the company’s web site. The company current has 9 residential investments ranging from Seattle to Kent. Some of these include the 87-unit Q Apartments in Seattle; the 105-unit Heather Ridge Apartments in Lynnwood; and the 190-unit Neely Station Apartments in Auburn.