By Kate Snyder
For the second time in a row, an apartment complex near downtown Seattle has been sold at a loss. 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 in the most recent deal was an entity affiliated with Vivid Waterfront LLC, which is managed by Ranjiv Harye, property records show.
Kidder Mathews’ Simon | Anderson multifamily investments team had the listing, with Brandon Lawler, vice president, Dylan Simon, executive vice president, Jerrid Anderson, executive vice president, and Matt Laird, vice president, as the brokers for the property.
Located at 80 South Main St., the 45-unit building sits on about 0.14 acres and was constructed in 2015. The structure totals about 38,717 square feet, according to the property’s website. The multifamily building is a Class A property in Seattle’s Pioneer Square neighborhood and is located on the city’s waterfront, with views of Puget Sound, the Olympic Mountains and the Seattle skyline. Neighboring the property are several major transportation hubs, small businesses, art galleries and local restaurants.
Prior to the 2021 sale, the property was purchased in 2016 for $20.1 million, or about $446,666 per unit, by entities that shared addresses with Borracchini Foods, Inc., in Seattle, which would make the deal with Unico in 2021 about a 13 percent loss for the previous buyer. Property records show that the building’s current appraised total value is $17.9 million.
Based in Seattle, Unico Properties is a private real estate firm that offers investment, development, management and sustainability services, according to the company’s website. The firm was founded in 1953 and is focused on emerging markets across the United States. The company has more than 300 staff members in cities throughout the U.S., including Seattle, Portland, Denver, Austin, Salt Lake City and Nashville. Unico owns and manages nearly 18 million square feet of office, multifamily and mixed-use properties with more than one million square feet under development as well.
Seattle saw another recent multifamily transaction that recorded under the property’s assessed value earlier this month.
The Ellenbert apartment building in Capitol Hill sold for $7.1 million, or about $163,953 per unit, according to previous reporting by The Registry, which is a per-unit pricing that has not recently been seen in this submarket. The assessed value of the 43-unit property, located at 915 E Harrison St., puts the value of this asset closer to $14 million, or nearly double the amount for which it traded. It was purchased by an entity associated with Kenny Properties of Seattle. The Neyhart Family was the seller of the property and had owned the apartment building for several decades.