Home Commercial Prometheus Buys 7,798 SQFT Seattle Funeral Home for $20MM

Prometheus Buys 7,798 SQFT Seattle Funeral Home for $20MM

Prometheus Real Estate Group, San Mateo, Seattle, Juniper Flowers, Local Tide, Bay Area, Silicon Valley, Portland, 128 on State Apartments, Kirkland, Cliffside Apartments, Gig Harbor, The Lakes Apartments, Bellevue

By Kate Snyder

A large multifamily property owner based in San Mateo has purchased a funeral home in Seattle, according to King County public records. The Prometheus Real Estate Group bought the Harvey Family Funeral Home for $20 million, or about $2,564 per square foot. The seller was listed as an entity affiliated with The Harvey Family, LLC.

The 7,798 square foot building is located at 508 N 36th St. and sits on just over half an acre, public records show. According to Google Maps, the site is in Seattle’s Fremont neighborhood and bounded on the south by local businesses, such as Juniper Flowers, a florist, and Local Tide, a seafood restaurant. To the north are residential areas with single family homes and multifamily apartment communities.

Though Prometheus is primarily a multifamily company, any plans the firm has for this newly-acquired property are unclear at this time.

Founded in 1965, Prometheus is, according to the company’s website, the largest privately held owner of apartments in the Bay Area, with a portfolio of more than 13,000 apartments in the Silicon Valley, Portland and Seattle regions with another 2,600 apartments in the company’s development pipeline. The firm is headquartered in San Mateo and has satellite offices in Portland and the Bay Area.

The firm owns several multifamily complexes in the Seattle area, including the 128 on State Apartments in Kirkland, the Cliffside Apartments in Gig Harbor and The Lakes Apartments in Bellevue, according to its website. Last year, Prometheus purchased two Seattle apartment complexes from Lake Union Partners – The Central, located at 2203 E Union St., was purchased for $41.5 million, or about $456,043 per unit, and the Stencil Apartments, located at 2407 E Union St., was bought for $18.5 million, or about $440,476 per unit, according to previous reporting by The Registry.