By Jack Stubbs
On Wednesday, December 12th, the Four Freedoms House Of Seattle, a 307-unit apartment complex in North Seattle, sold for $14.7 million, or approximately $47,882 per unit, according to King County records. The buyer was FFHS Housing Partners LP, which shares the same address as Vitus Group, an affordable housing developer based in Seattle. The seller was Prudent Property Managers Inc., a property management company based in Bay Harbor Islands, Florida. The transaction was recorded on December 18th.
Vitus Group did not respond to calls for comment about the transaction in time for the publishing of this story.
The Four Freedoms House Of Seattle Apartments, located at 747 N. 135th St. adjacent to Bitter Lake in North Seattle, is a seven-story property constructed in 1964 that contains 307 units which range from 450 to 650 square feet, according to the property listing on apartments.com. According to Prudent Property Manager Inc.’s web site, Four Freedoms House offers studio and one-bedroom apartment living in a community environment. The property includes a mix of rent-assisted and market-rent units.
Four Freedoms House is roughly five miles north of Green Lake and nine miles north of downtown Seattle via Interstate-5. The property is also roughly four miles northeast of Ballard and two miles from Northgate, where Simon Property Group is planning to redevelop the 1950’s-era Northgate Mall into a 1.3 million square foot mixed-use office, residential and retail complex. Simon Property Group’s in-the-works project was most recently given the green light from the city’s design review board at a second Early Design Guidance meeting in early November.
Vitus is a developer of smart, affordable housing and seeks to be a catalyst for community revitalization, according to the company’s web site. The company works with public and private-sector partners to develop “quality projects that strengthen neighborhoods and provide housing that families and individuals can feel proud to call home.” Vitus rehabilitates existing housing and creates innovative developments using sustainable building methods, and the company’s team has developed more than 60 properties comprising over 9,000 units in 22 states nationwide. The company’s other property in the Puget Sound region is Desert Villa, a 155-unit property in Kennwick, Washington.
