Home Commercial Lake Union Partners Sells Seattle’s Stencil Apartments for $18.5MM

Lake Union Partners Sells Seattle’s Stencil Apartments for $18.5MM

Lake Union Partners, Prometheus Real Estate, The Stencil, The Central, Seattle, IPA

By Meghan Hall

Lake Union Partners has sold off the Stencil Apartments in Seattle, closing on the $18.5 million deal this past week. San Mateo-Calif.-based Prometheus Real Estate acquired the asset, according to public records. The deal marks Prometheus’ second acquisition in Seattle in recent weeks.

The asset is located at 2407 E Union St., and the property sold for about $440,476 per unit. Institutional Property Investors’ Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske brokered the deal.

Stencil, according to Lake Union Partners’ website, is the second of three projects that Lake Union Partners has built along East Union. The boutique community has 42 residential units and was designed by Johnston Architects. Feed Co. Burgers, Union Coffee, Lowrider Baking and Cura Co. are the property’s ground floor retail tenants.

The community features include wood plank flooring, rooftop deck and firepit, parking and a private barbecue and outdoor kitchen. Units are a mix of studios, one- and two-bedrooms units, as well as live/work spaces. Apartments range in size from just over 450 square feet to about 850 square feet.

The deal comes just days after Lake Union Partners and Prometheus struck another deal for The Central. The apartment community, located at 2203 E Union St., was built in 2016 and totals 91 units. Prometheus acquired the asset for $41.5 million, or about $456,043 per unit.

Prometheus Real Estate Group 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.