Home Finance InCity Properties Acquires 98-Unit Apartment Building in Seattle’s Ravenna Neighborhood for $32.2MM

InCity Properties Acquires 98-Unit Apartment Building in Seattle’s Ravenna Neighborhood for $32.2MM

Mod Apartments, InCity Properties, SKS Trading Co., Lynnwood, Seattle, Ravenna, Green Lake, University District

By Catherine Sweeney 

Multifamily investors have been staying busy this month, with the Puget Sound region reporting a significant number of transactions. In one sale that closed on July 26, the 98-unit Mod Apartments were sold for $32.3 million, or about $329,591 per unit. The buying entities in the transaction were Langer Properties LLC and Mod Apartment Investments LLC, both of which share an address with Seattle-based InCity Properties. The seller was a limited liability affiliated with Lynnwood-based SKS Trading Co, according to records filed with King County.

The three-story apartment community is located at 6559 35th Ave. NE, and offers a mix of studio, one-, and two-bedroom apartment options. According to Apartments.com, apartment units start at 382 square feet and range in price from $1,538 to $1,758 per month. 

The building also features several amenities, such as a fitness center, onsite bike storage, trails for walking and biking, a game room, roof terrace, courtyard and picnic area. 

Located in Seattle’s Ravenna neighborhood, the building is situated between Green Lake and the University District. The area surrounding the apartment is primarily residential and offers various restaurants, shopping options and parks. Ravenna Park, for instance, is located south of the apartment building and provides various trails and athletic fields. 

In general, Seattle and the surrounding metropolitan area have seen numerous multifamily transactions over the course of the last month. In the University District, for instance, Blue Fern Homes acquired the University Manor Apartments for $24 million, or about $300,000 per unit. The apartments are located at 1305 NE 43rd Street and total 80 residential units. 

Also in July, RISE Properties Trust and Tokyu Land US Corporation purchased the Park South Apartments for $78.3 million, or $331,714 per unit. Located at 10102 8th Avenue S. in Seattle’s South Park neighborhood, the property contains 252 apartment units.