{"id":1004071430,"date":"2013-04-21T21:08:07","date_gmt":"2013-04-22T05:08:07","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=119699"},"modified":"2022-03-04T15:22:36","modified_gmt":"2022-03-04T23:22:36","slug":"apartment-building-trade-in-upscale-queen-anne-breaks-record","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/apartment-building-trade-in-upscale-queen-anne-breaks-record\/","title":{"rendered":"Apartment Building Trade in Upscale Queen Anne Breaks Record"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

The sale of a small apartment building in the Seattle’s upscale Queen Anne neighborhood set a new high for properties with less than 100 residential units. The buyer, 17910 Burbank L.L.C., paid $14.7 million to developer Zaser & Longston Inc. for the Elliott Bayview Apartments in the midst of a\u00a0growing multifamily market resulting from the city\u2019s booming office sector. \"\"<\/a><\/p>\n

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<\/em> <\/a>writes.<\/p>\n

The rent rate at the building average $2.60 per square foot, but according to representatives from Marcus & Millichap quoted by PSBJ,<\/em> once the leasing process picks up, the rate will go up as well, along with the buyer\u2019s return on investment. The upscale neighborhood\u2019s average rent rates currently stand at around $2.51, placing Elliott Bayview Apartments in the upper tier for rental properties in the Uptown area.<\/p>\n

Buyer 17910 Burbank L.L.C. is managed by fellow California entity Mapleton Real Estate. Former owner and developer Zaser & Longston Inc. is a Kirkland-based company.<\/p>\n

Image courtesy of elliottbayview.com.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A growing multifamily market is the result of the city’s booming office sector, and with the end well out of sight for growth in Seattle, records are starting to fall. Recently, the sale of a small apartment building in the city’s upscale Queen Anne neighborhood set a new high for properties with less than 100 residential units. The buyer is 17910 Burbank Limited Liability Co. who paid $14.65 million to developer Zaser & Longston Inc. for the Elliott Bayview Apartments.<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1610],"tags":[1815],"class_list":["post-1004071430","post","type-post","status-publish","format-standard","hentry","category-seattle","tag-national"],"acf":[],"yoast_head":"\nApartment Building Trade in Upscale Queen Anne Breaks Record - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/apartment-building-trade-in-upscale-queen-anne-breaks-record\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Apartment Building Trade in Upscale Queen Anne Breaks Record\" \/>\n<meta property=\"og:description\" content=\"A growing multifamily market is the result of the city’s booming office sector, and with the end well out of sight for growth in Seattle, records are starting to fall. Recently, the sale of a small apartment building in the city’s upscale Queen Anne neighborhood set a new high for properties with less than 100 residential units. 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