By Kate Snyder
A mixed-use building in Seattle traded hands recently in a continuation of investors’ attraction to the city. The structure is an apartment complex with a first-floor office located in Seattle’s Seaview district on the west end. It was purchased for $12.2 million, or about $508,333 per unit, according to King County public records. The seller was an entity affiliated with Wesmar Investments LLC, and the buyer was an entity affiliated with Cohanim 6041 Cali LLC.
Located at 6041 California Ave. SW, the four-story building totals 32,287 square feet with 24 residential units, property records show. The first floor office space also doubles as retail use and totals 3,980 square feet. The property was built in 1991. Nearby businesses include Paper Boat Booksellers and West Seattle Cellars.
According to Apartments.com, the complex offers two-bedroom units, and amenities include a community rooftop deck, private balconies, reserved parking, storage space, in-unit washer and dryer and an elevator in the building.
Seattle has seen several recent sales transactions in the city’s multifamily market.
Earlier this year in the city’s Capitol Hill neighborhood, The Roosevelt Apartments were purchased for $11.6 million, or approximately $232,000 per unit, by an entity affiliated with Lyle Snyder, of Mercer Island, according to The Registry’s previous reporting. The seller was an entity affiliated with James Magnano, of Seattle. Located at 1729 12th Ave., the 50-unit apartment complex was built in 1925 and offers a mix of 47 studios, two one- and one two-bedroom units.
A newly constructed multifamily building on the northern end of the city’s Rainier Valley, The Encore at Columbia Station, was sold for $35.3 million, or about $367,708 per unit. The seller was BDR Holdings, a home builder based in Bellevue which originally developed the property, and the buyer was Green Leaf Capital Partners, a real estate investment firm based in Pleasanton, Calif. The 96-unit apartment building sits on just over one-third of an acre located at 4689 Martin Luther King Jr Way S.