By Kate Snyder
Seattle’s Pinehurst neighborhood continues to attract investors in its multifamily market with the recent sale of an apartment complex. The Roosevelt Ridge Apartments traded hands for $13.2 million, or approximately $175,333 per unit, according to King County property records. The seller was an entity affiliated with RH Roosevelt Ridge LLC, which shares an address with the Gibraltar Group, a property management firm in Seattle. The buyer was an entity affiliated with Seattle-based Thayer Manca, an equity firm focused on multifamily investments.
Located at 12002 NE Roosevelt Way, the Roosevelt Ridge Apartments consists of 75 units in a three-story building constructed in 1989, according to Apartments.com. The multifamily community offers a mix of one- and two-bedroom units. Community amenities include storage space, laundry facilities and on-site maintenance. Apartments feature carpeting, balconies and decks.
Though much of the area’s recent multifamily activity has been in development, Seattle has continued to see residential sales transactions throughout the city.
Earlier this year, an apartment complex recently traded hands for $48.5 million, or approximately $321,192 per unit, according to previous reporting by The Registry. The buyer was an entity affiliated with Green Leaf Capital Partners, a real estate investment firm based in Pleasanton, Calif., and the seller was Broadstone Sky LLC, an entity that shares an address with AEW, a global real estate investment manager. That property was Broadstone Sky Apartments, more recently known as Green Leaf Sky Apartments, and is located at 4745 40th Ave.
Some recent multifamily sales near downtown Seattle have been recorded as losses, however.
In one such sale earlier this month, an entity affiliated with Unico Properties sold The 80 Main Apartments for $15.1 million, or approximately $335,555 per unit, according to King County property records. Unico previously purchased the building in 2021 for $17.5 million, or about $388,888 per unit, which comes to an approximate loss of 14 percent. The buyer was an entity affiliated with Vivid Waterfront LLC, which is managed by Ranjiv Harye. That property is located at 80 South Main St.
