Home Finance Lake Union Partners Sells Seattle Apartment Complex for $41.5MM

Lake Union Partners Sells Seattle Apartment Complex for $41.5MM

Lake Union Partners, Prometheus, The Central, Seattle,
Courtesy of The Central

By Meghan Hall 

Lake Union Partners has traded away a Seattle apartment complex in a deal that closed just this week. According to public records, The Central, sold for $41.5 million, or about $456,043 per unit. The buyer is an entity affiliated with Prometheus Real Estate Group.

IPA’s Philip Assouad, Giovanni Napoli, Ryan Dinius, and Sidney Warsinske worked to broker the deal.

The asset is located at 2203 E Union St. Built in 2016, the complex rises six stories and totals 91 units. Floorplans include a mix of studio, one- and two-bedroom beginning at 585 square feet in size. Rents begin at $2,320 per month, according to the property’s website. Apartments are equipped with concrete or wood-like flooring, 16-foot ceilings, washer and dryer, and stone-style countertops. 

Community amenities include an off-leash dog park, on-site shopping, pet washing station, rooftop deck and common areas equipped with WiFi.

“The Central is right where you might expect – in the midst of Seattle’s Central District. Surrounded by an active, mostly residential neighborhood, The Central is at the crossroads of major bus lines with easy access to surrounding Capitol Hill, First Hill, Downtown and the Rainier Valley,” the community’s website states. “A short walk down East Union Street or just a few blocks around the corner, you’ll find a myriad of restaurants, nightlife and entertainment to match the spirit of the neighborhood.”

The apartment complex is adjacent to several other commercial businesses, including PC Community Market, Central Cinema, Raised Doughnuts and Lowrider Cookie Company. Much of the surrounding neighborhood is also residential in nature.

Prometheus Real Estate Group, based in San Mateo, Calif., has properties in the Bay Area, Seattle and Portland, according to its website. The company has 13,000 apartments in its portfolio, with an additional 2,600 units in its pipeline. The apartments are spread between 56 different neighborhoods, with the vast majority of its properties in California. Its other assets in Seattle include 265 units in Belleview, 279 units in GIg Harbor, Wash., and 123 units in Kirkland.