75-Unit Apartment Building in Seattle, WA Sells for $15.8 Million

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Studio 7, an apartment building located at 4029 7th Ave NE in Seattle’s University District neighborhood, has sold to a local apartment investor for $15.8 million. The seller was represented by Dylan Simon, Jerrid Anderson, and Matt Laird of the Simon and Anderson team, a multifamily investment team based in Kidder Mathews’ Seattle headquarters.

Studio 7 was built in 2013 and consists of 75 studio apartment units. It is ideally located within in the burgeoning University District, a few blocks from the new light rail station and the University of Washington. The property offers considerable management upside for the buyer with the opportunity to capitalize on renters’ demand for nice, new, and affordable housing in highly desirable neighborhoods with excellent proximity to education, entertainment, and job centers.

“Although Studio 7 was nearly 60% vacant when we listed it, our creative marketing strategy generated many strong offers, which allowed us to push pricing above our original guidance.  We look forward to seeing how the buyer implements their renovation and value-add strategy in the coming months,” said Anderson.

About The Simon and Anderson apartment brokerage team
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents investors in selling, purchasing, and financing apartment buildings and development land across the greater Seattle and Puget Sound region. The team of eight brokerage professionals specializes in the sale and financing of apartment buildings and development land from $1 million to more than $100 million. For more information, visit simonandersonteam.com.

About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $8 billion in transactions, manages over 64 million square feet of space, and conducts over 1,800 appraisals annually. For more information, visit kidder.com.

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