On Friday, February 1, Brittany House Apartments, LLC purchased the 26-Unit Brittany House Apartments on Magnolia for $8,500,000, or approximately $327,000/unit and $356/sf. The Seller of the property was local ownership group EJJ Associates LLC, who acquired the property in 1997 for $2.29 million.
Travis Andrews, Peter Larsen, and Eric Smith of Paragon Real Estate Advisors brokered the transaction. This was the first time Brittany House had been on the market in over 20 years.
The property is located in Magnolia with quick access to Downtown, South Lake Union, and Expedia’s new corporate campus on Elliot Avenue. The property is within walking distance to numerous parks in the area including Discovery Park, Magnolia Manor, and Lawton Park.
Built as condos in 1977 and operated as apartments, Brittany House consists of large two bedroom units averaging over 900 square feet. All units have full amenity packages including washer/dryers and fireplaces. Select units have eastward facing views of the Cascades, and there are 20 covered parking spaces on-site.
Andrews said in a statement, “Both local and international buyer groups were excited about opportunity of purchasing a very well-maintained asset that hadn’t traded hands since the 1990s. We conducted 20 tours at the property during the marketing process and were very pleased with the level of interest and quality of buyers who pursued the asset.”