Core Seattle Community Changes Hands
The previous owner purchased the asset a decade ago.
Kite Partners has purchased The Q, a 87-unit community in Seattle, for $24.1 million, Connect CRE reported. CBRE represented the seller.
ACME Realty sold the asset, Yardi Matrix shows. On closing, Kite Partners assumed an outstanding balance of the Credit Risk Transfer Note, a $14.8 million loan which top multifamily lender CBRE Capital Markets originated in 2020. U.S. Bank issued the 2.76 percent interest-only note due in 2028.
The property last sold 10 years ago for $26.6 million when ACME Realty purchased the community from Acacia Capital.
The Q opened in 1950 at 1321 Queen Anne Ave. N., some 3 miles northwest of downtown Seattle. The six-story building sits on less than 1 acre and is within walking distance of Kerry Park and the Space Needle.
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The property comprises studio, one- and two-bedroom floorplans ranging from 552 to 940 square feet. The pet-friendly community is elevator-served and includes on-site laundry facilities, off-street parking and private balconies or patios.
The CBRE team representing the seller included Senior Vice President Mark Zoffel, First Vice Presidents Peter Wright and Spencer Clark and Vice President Reed Hunter. Senior Vice President James Bach and Senior Analyst Nick DaValle of CBRE’s debt and structured finance team oversaw the loan assumption.
Seattle transaction eases after record 2025
Kite Partners’ current Washington state portfolio includes 13 other properties totaling nearly 500 units, of which most are located in Seattle.
Several other properties that are closer to The Q within the metro’s core traded in the first half of 2026. Hamilton Urban Partners paid $9.8 million for the 52-unit Luminaire back in January, while Nordic Real Estate acquired the 79-unit John Winthrop in March for $11 million, according to Yardi Matrix.
While sometimes overlooked during the national conversation, Seattle ranked first in terms of multifamily transaction activity in 2025. The metro registered more than $4.4 billion in investment volume, with 84 assets totaling 16,054 units changing hands. Yet, activity has slowed down significantly this year, the same source shows.
