Home Finance Mayfield Investment Company Acquires The Carroll Kensington Apartments for $23MM

Mayfield Investment Company Acquires The Carroll Kensington Apartments for $23MM

Real estate investor and property manager, Mayfield Investment Company, which has office and apartment assets throughout the West Coast, purchased the Carroll Kensington Apartments at 305 Bellevue Ave. E in Seattle’s Capitol Hill neighborhood for $23 million or about $396,500 per unit. The seller was Family Apartments LLC, associated with Gordon Granston of Kirkland.

The Carroll Kensington Apartments are two separate buildings with a total of 58 units, according to public records. The property sits at the corner of E. Thomas St. and Bellevue Ave. E. and is just off I-5. Apartments.com lists the complex as being built in 1909 and undergoing a renovation in January 2003. The Carroll Apartments building at 305 Bellevue Ave. E. has 33-units, and the Kensington Apartments building at 311 Bellevue Ave. E. has 25 units.

According to Mayfield Investment Company’s website, this is the group’s first residential acquisition in the state of Washington. The group owns the Fourth and Pike building in downtown Seattle, a 10-story building that sits between Pike Place Market and the Washington State Convention Center. Mayfield’s website lists Ben Bridge Jewelry, Carhartt, The Walking Company, Landesa, Taphandles, Allegis and Pulsar Informatics as current tenants in the building. The only other residential properties the group owns are located in Northern California cities of Sunnyvale and Redwood City.

The apartments are situated in the middle of Capitol Hill’s vibrant neighborhood. There are endless coffee shops, bars and restaurants within walking distance as well as a number of small parks. The building is near Seattle University and Cal Anderson Park. The location also offers quick access to I-5 as it sits just a block off the interstate.