By Meghan Hall
Northwest Building LLC, an industrial and office development company based in Seattle, has purchased the Sammamish River Manor Apartments in Kenmore for $10.395 million, or about $288,750 per unit. According to King County Public Records dating to May 17th, the seller was Riverfront Commercial Property L.L.C., a Brier, Wash.-based entity associated with Dennis and James J. Kroeger.
Located at 7345 NE 175th St., the complex is composed of 18 one-bedroom, one-bathroom, six two-bedroom, one-bathroom, and 12 two-bedroom, two-bathroom units, according to apartment search engine Apartments.com. According to the site, the units range roughly in size from 725 square feet to 970 square feet. The apartments feature walk-in closets, patios and decks.
Built in 1995, the three-story complex is just north of State Route 522 and west of Interstate 405. While the apartments are in a more residential part of Kenmore, with Bothell High School just up the street and several other multifamily complexes in the immediate vicinity, downtown Bothell is roughly 10 minutes away by car.
The property’s new owner, Northwest Building, is a property management and development firm that focuses on office, industrial and self-storage assets throughout the Puget Sound. According to the company’s website, Northwest Building has recently invested more than $200 million in recent acquisitions, including the Valley Freeway Corporate Park, Woodinville Industrial Park and Willows Business Center. The firm targets properties in the $10 million to $50 million range, as well as those in urban or top-tier suburban markets in major West Coast cities such as Portland, Los Angeles and San Diego.