May 19, 2020
Seattle-based Milestone Properties acquired Queen Anne Gardens, a 38-unit apartment building in Seattle from an unnamed buyer for $9,035,263. Located at 1250 5th Avenue N., the 1991-built property sold at a price-per-foot of $746, and the cap rate was 4.1%.
The asset’s exceptional Queen Anne neighborhood location positioned it well in the current rental market environment. Residents of the building paid both April and May rent at above a 95% collection rate.
Kidder Mathews’ multifamily investment broker, Dan Swanson represented Milestone Properties in the transaction.
Swanson says, “The timing of the interest rate lock occurred in a brief window of time, which allowed the buyer to secure an exceptionally low interest rate. The buyer and seller were highly professional and worked in a partnership that resulted in a win-win for both sides.”
For comments, questions or concerns, please contact Dennis Kaiser