The sale of a small apartment building in the Seattle’s upscale Queen Anne neighborhood set a new high for properties with fewer than 100 residential units. The buyer, 17910 Burbank LLC, paid $14.7 million to developer Zaser & Longston Inc. for the Elliott Bayview Apartments in the midst of a growing multifamily market resulting from the city’s booming office sector.
The 41-unit residential building in Uptown Seattle traded for a per-square-foot rate of $518, the largest rate to be paid for a complex of its kind. Located at 151 John St., the property had an occupancy rate of just 50 percent, the Puget Sound Business Journal writes.
The rent rate at the building average $2.60 per square foot, but according to representatives from Marcus & Millichap quoted by PSBJ, once the leasing process picks up, the rate will go up as well, along with the buyer’s return on investment. The upscale neighborhood’s average rent rates currently stand at around $2.51, placing Elliott Bayview Apartments in the upper tier for rental properties in the Uptown area.
Buyer 17910 Burbank LLC is managed by fellow California entity Mapleton Real Estate. Former owner and developer Zaser & Longston Inc. is a Kirkland-based company.
Image courtesy of elliottbayview.com.