By Jack Stubbs
On Wednesday, January 23rd, the Madison Vista Apartments in Seattle sold for $13.6 million, or approximately $283,333 per unit, according to public records filed with King County. The buyer was Irvine, California-based Starboard Realty Advisors, a commercial real estate investment and operating company that focuses on shopping center and Class A/B multifamily apartment properties. The seller was Madison View Flats LLC, an entity affiliated with Camila and Joshua Fletcher based in Seattle.
The buyer did not respond to calls for comment about the recent transaction in time for the publishing of this story.
The three-story Madison Vista Apartments, located at 114 24th Ave. E. in the Miller Park neighborhood of Seattle, contains 48 units and was built in 1910, according to public documents. The average unit size is 489 square feet and the studio and one-bedroom units range from $1,578 to $1,726, according to the property listing on apartmentratings.com.
Located adjacent to E. Madison St., the property sits just north of the Central District and East of Seattle’s active Capitol Hill neighborhood. Madison Vista is approximately 2.5 miles northeast of downtown Seattle and two miles from Interstate-5.
It was recently announced that a rare condominium project will be brought to the market in Capitol Hill, bringing much-needed condo inventory to the neighborhood. In mid-January, Seattle-based Vekst Development LLC broke ground on 323 Bellevue Ave. E., a six-story, 43-unit multifamily project that will also include 14 below-grade parking stalls and a ground-level amenity space. Vekst Development has chosen to develop the property as condominiums, for which the studios, one- and two-bedroom units will average roughly 420 square feet.
The 323 Bellevue Ave. E. development is walking distance from major employment centers in Seattle, including South Lake Union, where established tech companies like Amazon, Facebook and Google are located. Additionally, the Link Light Rail Capitol Hill Station is within walking distance of the site.
Founded in 2014, Starboard Realty Advisors primarily acquires multi-tenant retail shopping centers and multi-family properties, offering commercial real estate investment opportunities to Accredited Investors, Family Offices, and Institutional Partners in a joint venture, partnership or Delaware Statutory Trust structure, according to the company’s web site. The company focuses on properties within targeted locations with population and employment growth that have below-market rents and moderate renovation needs.