By Kate Snyder
Seattle’s multifamily market continues to see sales activity. An apartment complex in the city’s Capitol Hill neighborhood traded hands for $11.6 million, or approximately $322,222 per unit, according to King County public records. The seller was an entity affiliated with Prescott Building LLC, and the buyer was King County.
The property is located at 1010 E Republican St. and sits on 0.07 acres. It consists of one four-story building with 37 units, according to Apartments.com. Community amenities include storage space and bicycle storage. The surrounding Capitol Hill neighborhood is home to a wide variety of entertainment attractions, such as coffee houses, taverns, bars, nightclubs and theaters. Nearby businesses include Ada’s Technical Books & Cafe, Summit Foods Mart, Lifelong Thrift Store and QFC.
Seattle’s Capitol Hill neighborhood has recorded other multifamily sales transactions in the past year.
Last year, the Young Women’s Christian Association of Seattle-King County-Snohomish County purchased an apartment building in the neighborhood for $38 million, or $408,602 per unit, according to The Registry’s previous reporting. The deal also included two single family homes adjacent to the apartment building. The seller was listed as an entity affiliated with 102 Harvard LLC. Located at 800 E Denny Way, the apartment complex has 93 units.
According to the YWCA’s website, the group is in the process of developing brand new permanent supportive housing at the E Denny Way property, which is scheduled to open for resident move-in by June 2023.
Also last year, the neighborhood’s Velo Apartments – a 49-unit apartment complex at 301 E Roy Street – traded for $14.25 million, or roughly $290,816 per unit. The apartment was acquired by 301 Velo LLC, a Snohomish-based limited liability company associated with Nik Fard. The seller in the transaction was Cameron Velo LLC, an entity which is linked to Seattle-based Cornell Associates, Inc. The property is located at 301 E Roy Street, on the corner of Melrose and Roy, and contains 48 one-bedroom and one two-bedroom units.