In a $19,225,000 deal, Seattle-based REIT Blueprint purchased two multi-family apartment buildings in Seattle’s Queen Anne neighborhood from Alan L. Ruder, a trustee of the Betti Cranwell Irrevocable Living Trust.
In the deal, Blueprint acquired the Val Anne Apartments at 800 Queen Anne Ave. N. for $10,275,000 or $214,062 per unit. The 34,018 square foot multi-family home sits on a .41-acre lot. It was originally built in 1958 and underwent a renovation in 1980. The building offers 48 units that span across four floors.
According to King County public records, Blueprint Val Anne LLC retains a 64 percent interest in the property while Val Anne SBF LLC retains a 36 percent interest. Public records also show $7,477 was deducted in personal property resulting in a taxable selling price of $10,267,523.
Ruder sold off the Mercer Apartments at 105 Mercer St. to Blueprint as well. For that building, the group paid $8,950,000 or $218,293 per unit. According to King County public records, 105 Mercer LLC (Blueprint) retains a 52 percent interest in the property while two additional LLCs split the remaining interest. Reverse LLC retains a 36 percent interest and Mercer Apartments Partners LLC has a 12 percent interest.
The Mercer Apartments is a 24,276 square foot multi-family home that sits on a .29-acre lot. It was built in 1929 and was later renovated in 1977. The three-story building has 41 units.
King County public records show Betti Cranwell transferred both of the properties to Alan L. Ruder without change in beneficial ownership under the irrevocable trust in 2004.
Blueprint was founded in 2009 by two real estate veterans Mark Knoll and Dan Duffus. The company helps local builders develop and finance small-scale residential housing. In 2013, Blueprint converted to a real estate investment trust (REIT) and the company now focuses on urban infill projects.
