Home Finance Pacific Sun Properties Buys 24-Unit Apartment Building in U-District for $8.1MM

Pacific Sun Properties Buys 24-Unit Apartment Building in U-District for $8.1MM

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By Brittan Jenkins

Seattle-based Pacific Sun and SPTC Properties acquired the Walmor Apartments in Seattleā€™s University District for $8.1 million or $337,500 per unit from Madisonian Manager LLC, an entity associated with Chris Langer, in a deal that closed on February 6th.

King County public records show $7,000 was deducted in personal property, citing household appliances, resulting in a taxable selling price of $8,093,000.

Located at 5233 15th Avenue NE and built in 1965, the 23,260 square foot apartment building has only 24 units ranging from one to three-bedrooms. The units are evenly divided with eight one-bedroom units, eight two-bedroom units and eight three-bedroom units. The three-bedroom units have an in-unit washer and dryer. Coin operated laundry is available in the basement level for tenants of the one and two-bedroom units. Twelve of the units come with wood burning fireplaces and twelve have large balconies. The building also offers secure parking for 14 cars and an additional nine parking spots on the street.

Pacific Sun and SPTC Properties has three other properties in the Seattle area. The group owns The Mykonos on Capitol Hill, which consists of 13 units, The Hilltop Court Apartments on First Hill equipped with studios, one and two-bedroom units and lofts, and Oslo Apartments in Ballard, consisting of nine units of which most are two-bedrooms.