Home Finance 45-Unit Oslo Apartments in Seattle Trades for $18MM

45-Unit Oslo Apartments in Seattle Trades for $18MM

Oslo Apartments, Vekst Development Company, Seattle, Ascent Lake Union, Marlowe, Arbutus Properties, MJW Investments
Courtesy of the Oslo Apartments

By Meghan Hall

Numerous Seattle apartment assets have sold in recent weeks, and another recent closing has been added to the mix. In a deal that closed on July 30th, the Oslo Apartments traded for $18 million, or about $400,000 per unit. According to public documents, the buyer of the property is Tacoma-based Mayer Built Homes, while the seller is affiliated with 323 Sekund LLC. The limited liability company is connected with Thorbjorn Hatton and Brandon Carroll of Vekst Development Company.

The apartment complex is located at 323 Bellevue Ave. E. and has been dubbed “Oslo Seattle.” The newly-completed, luxury apartment complex features 45 units. The units are a combination of studios and one-bedrooms, and range in size from about 367 square feet to 590 square feet. Apartments.com indicates that studios begin renting at $1,900 per month.

Units feature high-end finishes such as Italian Carrara marble services, contemporary lighting, Miele-brand appliances, hard surface floors and open floor plans. Community amenities include a business workspace, parking and bike storage, and a community lounge equipped with a full kitchen and large screen television. The overall design of the community is based on modern, Scandanavian aesthetics. 

The apartment complex is surrounded by a number of other developments, including Melrose Terrace, Clift House Apartments, and Erawan.  Popular eateries such as Analog Coffee and Hotcakes, as well as REI and Lunchbox Lab Burgers. The property is easily accessible via Interstate 5.

In recent weeks, a number of apartment assets have traded hands. MJW Investments purchased a Bellevue complex at 13831 NE Eighth St. for about $27.5 million. Two South Lake Union Apartment assets–known as Ascent Lake Union and the Marlowe Apartments–sold for a combined $302.75 million. Arbutus Properties has purchased several parcels in recent months as it works to build both an office and 435-unit residential project on Stewart Street. Most recently, it paid $13 million for a Stewart Street parcel located at 1305-1325 and 1331 Stewart St. Combined, the deals show significant interest in the Puget Sound’s multifamily sector as the region continues to grow.