By Kate Snyder
An apartment building in Seattle’s Ballard neighborhood traded hands recently. An entity affiliated with Court Lorenzini, a local investor affiliated with various capital and venture firms in Seattle, sold a 95 percent interest in The Cameron Apartments for $10.5 million, or approximately $435,416 per unit, according to King County property records. The buyer was an entity affiliated with Cameron Apt One LLC and Cameron Apt Two LLC.
Located at 1515 NW 52nd St., the 24-unit building is positioned on nearly a quarter of an acre of land, according to property records. The five-story structure was built in 1990.
According to Apartments.com, The Cameron Apartments complex has been renovated to “condo-quality” and units feature upgraded kitchens with new cabinets, granite countertops and stainless steel appliances. Other amenities include in-unit laundry, decks and wood floors.
Seattle has seen numerous sales transactions involving residential properties in recent months.
An apartment complex in the city’s Capitol Hill neighborhood traded hands recently for $28.5 million, or approximately $633,333 per unit, according to previous reporting from The Registry. The buyer was an entity affiliated with The Mondivan Group, a Vancouver-based boutique real estate development company with a focus on mid-sized mixed-use and residential projects. The seller was an entity affiliated with SolTerra, the firm that also developed the apartment complex. The 45-unit Solis Apartments is located at 1300 E Pike St. and offers a mix of studios, one- and two-bedroom units in various floorplans. The building is positioned on the former headquarters of Fran’s Chocolates.
In another recent transaction, the 166-Unit Harrison Square Apartments was sold for $60.1 million, or approximately $362,048 per unit. The buyer was an entity affiliated with ColRich, and the seller was an entity affiliated with Equity Residential Properties, an apartment management company. Located at 312 2nd Ave. W, the nine-story complex was constructed in 1994. The building offers a mix of studios, one- and two-bedroom apartments featuring white and stainless steel appliances, hard-surface flooring, upgraded lighting, in-home washers/dryers and private balconies.