Kidder Mathews Arranges Sale of Capitol Hill Mixed-Use Apartment Building
Casa del Rey, a 30-unit mixed-use apartment building, located at 321 Broadway E. in Seattle’s Capitol Hill neighborhood, has sold for $4.57 million.
Matt Johnston, Jerrid Anderson, Matt Laird, and Jack Shephard of Kidder Mathews’ Simon | Anderson Multifamily Team represented the seller, 321 Broadway Associates, LLC, a Seattle-based real estate investment company. The buyer was Sound Asset Partners.
Built in 1910, Casa del Rey is among the oldest apartment buildings on Capitol Hill. In addition to its 27 residential units, the property has three ground-floor retail spaces occupied by Buck Horn Barbershop, Spin Cycle Movies, Records, and Games, and a coffee stand.
Sound Asset Partners. has experience owning and operating similar assets and recognized the property’s strong in-place cash flow, prime location, excellent light-rail connectivity, and value-add potential through renovations. “The property has a rich history, dating back to the early development of Capitol Hill as one of Seattle’s premier neighborhoods,” said Johnston.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout