Home Finance Seattle-based Milestone Properties Buys the Ascona Apartments Complex for $11.3MM

Seattle-based Milestone Properties Buys the Ascona Apartments Complex for $11.3MM

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By Jack Stubbs

Milestone Properties, a manager of residential properties throughout Seattle, has just acquired an asset in Seattle’s International District. The company purchased the Ascona Apartments on October 6th for for $11.3 million, or roughly $198,245 per unit, according to public records filed with King County. The seller of the property was Pilot Ventures, a real estate investment firm also based in Seattle.

Located at 200 Fifth Ave. S., the apartment complex is set on the northern edge of the international district, just half a mile to the east of the historic Pioneer Square neighborhood and roughly a mile to the south of downtown. Additionally, the property lies in close proximity to transportation options, just half a mile from access to Interstate-5 and two blocks to the north of the International District/Chinatown Light Rail Station. The complex is also within close range of other apartment buildings, including the Metropolitan Park Apartments, Icon Apartments and the 100 on 6th Apartments.

Built in 1910, the 5-story property comprises 23,027 square feet. According to the property listing on rent.com, some of the in-unit amenities include high speed internet, dishwasher, refrigerator and laundry facilities, while community features include extra storage space and controlled access to the property. There are six, nine, and twelve-month leases available.

Milestone properties manages apartment properties throughout the city in the University District, Queen Anne, Greenwood, Interbay, Capitol Hill, Fremont and Wallingford. The company’s rentals include studio apartments, one-bedroom, two-bedroom, and three-bedroom units. The company offers 24/7 management services. Milestone will now own and manage the Ascona Apartments.

Pilot Ventures offers services at all stages of the real estate investment process including brokerage, investment, property management and consulting. Some of the company’s recently sold apartment properties in Seattle include two properties in Magnolia—the Maggie, a 50-unit property and the Marinwood, a 31-unit multifamily property—and Carolyn Court, a 21-unit property located just east of Greenwood.