Not long after being developed, a 42-unit apartment building in Seattle has been traded for $20.1 million, or roughly $478,571 per unit. According to King County public records, the property was sold by local developer and investor Cadence Real Estate to June South Lake LLC, a limited liability company affiliated with Dennis Leung of San Marino-based Meridian Management Inc.
The property – June on South Lake – is located at 1622 Aurora Ave N., and contains a mix of studio, one-, and two-bedroom options. The property’s website shows the newly constructed building offers units ranging in size from 514 square feet to 1,001 square feet, with rental rates ranging from $1,850 per month to $3,595 per month.
“Be one of the first to live in our gorgeous new building in the amazing Westlake/Dexter Community. Just minutes away from Downtown, South Lake Union, Queen Anne and Capitol Hill. Our homes were built with the resident in mind. Every home comes with plenty of storage, huge windows, smart box and stainless steel appliances. June on South Lake offers you a home close to all the action,” the property’s website states.
As well as residential space, the website shows the apartment complex also offers a rooftop amenity deck, lounge, dog park, fitness center and more.
June on South Lake is one of many multifamily assets to recently trade in Seattle. In a transaction that closed in May, Greystar Development acquired a multifamily development site for $29 million. Located at 2302, 2306 and 2316 Fourth Avenue, the property is entitled for a 24-unit residential tower.
In another recent deal, The Chief Seattle Club – a nonprofit that provides services to the city’s homeless Indigenous population – purchased a 66-unit building for $20.4 million, or about $309,990 per unit. The property is located at 4717 Aurora Avenue N. in the city’s Fremont neighborhood and will be used as senior housing.