Revamped Seattle Community Traded for $17M
- Nov 19, 2019
Kidder Mathews has completed the $17.4 million sale of the Roxborough Apartments, a 53-unit classic brick building in Seattle’s Capitol Hill neighborhood. The team of Executive Vice Presidents Dylan Simon and Jerrid Anderson led efforts on behalf of the seller, Hamilton Urban Partners.
According to King County records, Commerce Bank of Washington—a Zions Bank division—provided financing for the Roxborough Apartments transaction. Located at 1720 E. Denny Way, the asset last sold in late 2012 for $3.5 million, the King County Department of Assessments shows.
Following the purchase, Hamilton Urban Partners refurbished the original 27 units built in 1920 and constructed 26 modern apartments as an addition in a former parking lot in 2019. The expansion also included a rooftop deck with views of Mt. Rainier, Lake Washington and the Bellevue skyline, an elevator and a shuffleboard room, accessible to all residents.
Classic apartments feature refinished hardwood floors and cabinetry, oversized floorplans, while the new units include luxury plank flooring, in-unit washers and dryers, energy-efficient lighting and heating and balconies. Roxborough Apartments is near several commercial centers along the Pike-Pine Corridor, 15th Avenue East and 19th Avenue East.
The new deal comes shortly after Optimus Properties received $18 million to refinance three of its Seattle communities.
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