By Jack Stubbs
Another apartment community in West Seattle recently changed hands.
On Wednesday, April 18th, the 4400 Alaska Apartments in West Seattle sold for $12,537,500, or approximately $329,934 per unit, according to public records filed with King County. The buyer of the asset was Madison Investors LP, a private entity based in Newport Beach, California. The seller was Bellevue-based Isola Homes, a company that builds apartment communities throughout Seattle.
The brokers on the deal were Giovanni Napoli, Philip Assouad, Ryan Dinius and Sid Warsinske of Kidder Mathews’ Seattle multifamily team. According to Assouad, Madison Investors LP acquired the property as part of a 1031 Exchange.
The seller did not respond to calls for comment about the transaction in time for the publishing of this story. Isola Homes is making a significant profit on the property, which it acquired for $650,000 in November 2013, according to public documents.
The 4400 Alaska Apartments, located at 4400 SW Alaska St. in West Seattle’s Junction neighborhood, contains 38 units and 1,546 square feet of retail space (which is occupied by ReMax Junction real estate agency). Built in 2016, the property features a combination of live/work, one-bedroom and studio units, according to the property’s web site. The live/work loft units are 671 square feet; the one-bedroom units are 476 square feet; and the studio units total 454 square feet.
Some of the in-unit amenities in the apartment complex include an open concept layout, vinyl plank flooring, quartz kitchen countertops, custom cabinetry, and balconies in select units. Some of the community amenities available to residents include a landscaped rooftop deck with a fire pit and views of the Puget Sound; bicycle storage and parking available in a controlled-access garage.
Located at the corner of SW Alaska St. and Glenn Way SW. in the Junction neighborhood of West Seattle, the property is 2.5 miles from Alki Beach Park and roughly one mile from Me-Kwa-Mooks Park. Additionally, the complex is approximately one mile from access to the West Seattle Bridge. The property is also just two blocks from various dining and retail options including Jefferson Square Shopping Mall, Elliott Bay Brewery & Pub, Bakery Nouveau and The Matador restaurant.
Isola Homes strives to build homes that reflect the evolving needs of the homeowners and communities which the company serves by implementing innovative sustainable design and environmental stewardship into its construction techniques, according to the company’s web site. Some of the company’s currently available properties in Seattle include the Alto Townhomes in Queen Anne; the Griffin Townhomes in Green Lake; and the Phinney Towns Apartments in Greenwood.