By Jack Stubbs
Seattle’s Fremont neighborhood—which is North of Queen Anne and just West of Wallingford—is being eyed with increasing interest by investors and developers alike, as multifamily activity in Seattle’s downtown core continues to expand further north into the city’s outlying neighborhoods.
On Friday, May 17th, the Rev Fremont Apartments sold for $15.9 million, or approximately $324,489 per unit, according to King County records. The buyer was Bwc III LLC, an entity based in SeaTac, Washington.
The seller was Pacific, Washington-based Trimark Property Group, a local real estate company whose holdings include a mix of retail, commercial and multi-family investment properties throughout the Puget Sound region.
The four-story Rev Apartments, located at 317 NW 41st St., was built in 2013 and contains 49 units, according to the property listing on apartments.com. The property offers a mix of studio, one-, two-, three- and four-bedroom units that range from 435 to 1,523 square feet and rent for between $1,095 and $2,495. The units feature modern finishes and designs, granite countertops and designer concrete flooring.
Some of the community amenities available to residents include personal patios/deck spaces and on-site parking. The web site also highlights the property’s location, which offers easy access to downtown Seattle and surrounding neighborhoods like Ballard and Wallingford.
“Life at Rev gives you easy access to local cuisine, entertaining nightlife, Sunday Markets, walking trails, coffee shops, breweries, and diverse artwork in Seattle’s most dynamic neighborhood,” the web site states. The property is proximate to various local attractions in Fremont such as the iconic Fremont Troll, the Fremont Sunday Farmer’s Market, Fremont Peak Park and the Interurban walking trial.
Rev Apartments is roughly six blocks west of downtown Fremont and about about four miles north of downtown Seattle via Washington State Route 99.
Trimark Property Group LLC is a diversified real estate conglomerate with specialized holdings in the petroleum and coffee industries, in addition to a variety of retail/commercial and multi-family investment properties throughout the Pacific Northwest, according to the company’s web site. In the multifamily sector, the Trimark focuses on on maintaining its multi-family portfolio at a level where the company can attract and retain the best tenants.
In addition to the sale of the Rev Apartments, Trimark sold a retail plaza in Renton in mid-March 2019. On March 14th, the company sold the 13,528 square foot North Benson Plaza—located at. 17605-17901 108th Ave. SE—for $25.34 million to Oak Brook, Il.-based RPAI.
