By Meghan Hall
Recently-developed and high-end multifamily properties continue to trade hands as urban multifamily fundamentals recover. In a deal that closed on November 1st but just recently recorded, the Arthouse Apartments in Seattle sold for $62 million, or about $446,043 per unit. The seller of the asset was an entity affiliated with Irvine, Calif.-based State Street Global Investors, according to public records. The buyer of the property was a limited partnership associated with Angelo Gordon & Co.
The property is located at 2334 Elliott Ave. and was originally built in 2014. In all, the community totals 139 units that are a mix of studios, one- and two-bedroom apartments. The units range in size from about 388 to more than 1,000 square feet, according to Apartments.com. Units feature floor-to-ceiling windows, usb charging stations, stainless steel pendant lighting, private outdoor spaces, chef’s kitchen and live/work lofts.
Community amenities include an indoor/outdoor sky lounge, terraces, dedicated conference space, pet patio and lobby lounge with coffee and tea. The community is less than a block from Elliott Bay. Ohana Belltown, El Gaucho, The Crocodile Back Bar and other attractions are also located nearby.
The community’s new owner, Angelo Gordon, has been in the global credit and real estate markets for over 30 years. The privately-held investment firm has managed approximately $44 billion across its credit and real estate strategies, investing on behalf of pension funds, corporations, endowments, individuals and others. The company’s presence extends beyond the United States to Europe and Asia, as well.