By Kate Snyder
An apartment building in Seattle’s Wallingford neighborhood traded hands recently, showing that the city’s residential market continues to be attractive to investors. The Mirabella Apartments were sold for $12.1 million, or about $275,000 per unit, according to King County property records. The buyers were multiple entities that shared addresses with Time Equities, a real estate development, investment and brokerage firm, and Gordian Knot Investments, a real estate development and management company. The seller was an entity that shares an address with Seattle-based Gibraltar Investment Property Solutions.
Located at 4250 Aurora Ave. N, the 44-unit apartment complex was constructed in 1997, according to Apartments.com. The property offers a mix of one-, two- and three-bedroom residences and includes 5,100 square feet of retail space. Among the featured amenities are balconies, high-speed internet access and washers and dryers. The property is near Woodland Park, home of the Woodland Park Zoo, and The University of Washington. It borders the city’s Fremont neighborhood as well.
Based in New York, Time Equities has a focus on investment, brokerage and development, according to the company’s website. It has been investing for more than 56 years, and its portfolio has most recently been targeted on value-add, opportunistic deals and expansion into Western Europe.
Gordian Knot Investments is based in Seattle and is focused on real estate syndication and asset management for the Puget Sound region, according to the company’s website.
Multifamily properties have been the subject of several recent sales transactions in Seattle.
In one such sale, the Seventh and James Apartments, a mid-rise apartment building totaling 96 units in the city’s First Hill neighborhood, sold for $26.9 million, or about $280,208 per unit. The buyer was an entity that shares an address with Red Tail Acquisitions, and the seller was an entity affiliated with Equity Residential, according to previous reporting from The Registry. Seventh and James Apartments is a five-story, podium-style building constructed in 1992. Kidder Mathews sourced the buyer and was the only broker involved in the transaction.