By Jack Stubbs
An apartment complex in Seattle’s First Hill neighborhood changed hands last week.
On Thursday, August 30th, Grosvenor Americas acquired the Union Park Apartments near Seattle’s downtown core for $31.46 million, or approximately $374,523 per unit, according to public records filed with King County.
The seller of the property was F&L Associates LLC, an entity affiliated with Steve Fuller based in Edmonds, Washington. The seller, who acquired the property in 1995 for $6.76 million, was represented by Travis Andrews, Eric Smith and Peter Larsen of Paragon Real Estate Advisors. This was the first time Union Park had been on the market in over 20 years.
Andrews said in a statement, “The unbeatable location to Downtown Seattle and owner-managed asset quality of Union Park attracted both local and international buyer groups. We conducted over 35 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.”
The 6-story Union Park Apartments, located at 1310 Minor Ave., was built in 1990 and contains 84 units, according to the property’s web site. Some of the property amenities available to residents include controlled-access entry, elevators, underground secured parking and an on-site fitness center. The property offers a mix of studio, one-bedroom and two-bedroom units that range from 600 to 887 square feet, according to the listing on apartments.com. Rents for similar nearby apartments average between $1,670 for a studio and $3,468 for a two-bedroom.
The property’s web site emphasizes the asset’s location on a quiet, tree-lined street overlooking downtown Seattle, which offers views of Lake Union, the Space Needle and the Olympic Mountains to the west. The property is located adjacent to the active Pike/Pine corridor in Seattle’s Capitol Hill neighborhood, and is also proximate to several entertainment options in downtown Seattle including Benaroya Hall, Paramount Theater and Melrose Market. Union Park Apartments is also approximately one mile east of Pike Place Market and half a mile from the Washington State Convention Center on Pike Street.
Grosvenor Americas owns and develops retail, commercial, residential, hotel and mixed-use properties and has national offices in Calgary, Vancouver, San Francisco and Washington, D.C. Grosvenor currently owns the Chelsea Apartments at Juanita Village in Kirkland and the Row Townhomes in Bellevue.
Grosvenor’s acquisition of the Union Park Apartments follows on the heels of another apartment sale recorded in recent weeks. On Friday, August 24th, the company sold the 168-Unit Collins Junction Apartments in Lynnwood to Everett-based Coast Equity Partners for $37.75 million, or approximately $224,702 per unit.