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Trinity Real Estate Acquires Uptown Queen Anne Apartments For $19.9M

Property Image
SOLD
$19,900,000

Washington

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MultiFamily
Sold 06/24/2024
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Property Image
SOLD

Trinity Real Estate Acquires Uptown Queen Anne Apartments For $19.9M

315 1st Avenue West

See Similar Deals
MultiFamily
Sold 06/24/2024
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Summary

WASHINGTON
Asset Type:MultiFamily
Transaction Type:Sale

The Uptown Queen Anne Apartments, a 60-unit multifamily building with two commercial spaces located at 315 1st Ave W. in Seattle, was sold for $19.9 million to Trinity Real Estate. The property was originally developed in 2001 and sold by the developer. This transaction marks the fifth deal between Kidder Mathews' Simon and Anderson team and Trinity Real Estate.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $19,900,000
  • Units: 60
  • Price per Unit: $331,667
  • Address: 315 1st Avenue West, Seattle, WA
  • Market: Seattle, WA
  • Buyer: Trinity Real Estate
  • Brokers: Jerrid Anderson & Winslow Lee - Kidder Mathews

The seller of the Uptown Queen Anne Apartments was the original developer who had owned the property since its development in 2001. Represented by Kidder Mathews, the transaction facilitated by the Simon and Anderson team was the fifth successful deal with Trinity Real Estate, continuing their strong partnership in real estate transactions.

Players

Jerrid Anderson
14 deals$350.8M volume
BROKER

Winslow Lee
Kidder Mathews
2 deals$25.1M volume(425) 681-7695
BROKER

Details

SOLD
IMAGE: 06/24/2024 ADDRESS: 315 1st Avenue West MARKET: Seattle, WA ASSET TYPE: Multifamily BUYER: Trinity Real Estate BROKERS: Jerrid Anderson & Winslow Lee - Kidder Mathews SALE PRICE: $19,900,000 UNITS: 60 ~ PPU: $331,667 NOTE: Uptown Queen Anne Apartments, a 60-unit building with two commercial spaces at 315 1st Ave W. in Seattle, sold for $19.9 million to Trinity Real Estate. Represented by Kidder Mathews, the seller was the original developer who had owned the property since 2001; the transaction marks the fifth deal between Kidder Mathews' Simon and Anderson team and Trinity Real Estate.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

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