By Meghan Hall
Investment into Seattle’s multifamily market continues, even for assets in more densely areas of downtown. At the end of June, the Fifty Two Apartments complex, located in the University District, traded for $12.2 million, or about $234,615 per unit. According to public records, the buyer is affiliated with Capitol Crossing Holding, a limited liability company, and Joseph Mayer, of Tacoma-based Mayer Built Homes Inc. The buyer appears to be a private entity associated with University Flats LLC, based in Bellevue.
The asset is located at 4710 20th Ave. NE. According to Apartments.com, the complex rises four stories and includes 52 units. The complex is new, and was completed in 2020. Units are a mix of studios and one-bedrooms, and range in size from 320 to 370 square feet. Rents range from between $1,317 per unit to $1,834 per unit. Units come furnished with convertible sofas, bed, study desk, pre-installed wifi and in-unit washer and dryers.
Community amenities include a fitness center, roof terrace, additional laundry facilities and planned social activities.
The property is located in the center of the University District, within equal distances of “The Ave,” a main commercial corridor with a Target, H Mart, and other eateries such as Boba Up and Korean Tofu House, as well as University Village. The main University of Washington Campus is within about a block of the property.
Apartment assets across the Puget Sound have continued to sell in recent weeks. In Redmond, Acacia Capital acquired a 221-unit multifamily property for $97.7 million, or about $422,000 per unit. In Fife, a 52-unit building sold for $9.5 million, or about $183,000 per unit, In Seattle, a South Lake Union development site–entitled for 160 units–sold for $10.5 million to Pastakia & Associates. The transactions show that across the Puget Sound, investor appetite for a variety of multifamily product remains and the market continues to improve.