Home Finance Shiraz Management Buys 25-Unit Apartment Building in Seattle for $11.9MM

Shiraz Management Buys 25-Unit Apartment Building in Seattle for $11.9MM

Shiraz Management, Seattle, King County, Puget Sound, Cadence Real Estate, Fairmount Park, Seaview, West Seattle Golf Course, Fairmount Playground, Alki Beach Park, Wesmar Investments

By Kate Snyder

Seattle continues to record sales transactions in the city’s multifamily market. Recently, an apartment complex on the city’s west end traded for $11.9 million, or approximately $476,000 per unit, according to King County public records. The buyer was an entity affiliated with Shiraz Management, a property management and development firm, and the seller was an entity that shared an address with Cadence Real Estate, a Seattle-based privately-held multifamily investment manager.

Located at 5600 California Ave. SW, the property is a four-story building totaling 25 residential units and two commercial units and was originally constructed in 1966, according to public records. Apartments.com shows that the property offers two-bedroom units with building amenities that include in-unit washers and dryers as well as a community elevator.

The property straddles the city’s Fairmount Park and Seaview neighborhoods. Nearby are the West Seattle Golf Course, Fairmount Playground and Alki Beach Park as well as local shops, diners and cafes.

Shiraz Management is a family-owned business based in Seattle. The firm has owned properties in the region for more than 40 years, according to the company’s website. Its apartment complexes are located near Interstate 5 and in or near the U District, the city’s Ravenna area and on the Port of Bellingham. While Shiraz owns several multifamily properties in Seattle, the firm specializes in residential property management throughout Washington.

Recently, an entity affiliated with the firm purchased a mixed-use building consisting of an apartment complex with a first-floor office located in the Seaview district. The sales price was $12.2 million, or about $508,333 per unit, according to The Registry’s previous reporting. The seller was an entity affiliated with Wesmar Investments LLC. Located at 6041 California Ave. SW, the four-story building totals 32,287 square feet with 24 residential units.