Casa del Rey, a 30-unit mixed-use apartment building, located at 321 Broadway E. in Seattle’s Capitol Hill neighborhood, has sold for $4,575,000. 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 and has unreinforced masonry (URM) construction. Due to the potential costs associated with seismic retrofitting, building system upgrades, and higher insurance premiums, it can be a unique challenge to find a buyer that is prepared to handle the necessary improvements on URM properties. However, 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.
“We appreciate our client for entrusting our team in the sale of Casa del Rey, an asset they owned for the last three decades,” said Johnston. “The property has a rich history, dating back to the early development of Capitol Hill as one of Seattle’s premier neighborhoods. Despite concerns surrounding URM construction and aging building systems, we successfully positioned the asset around its compelling fundamentals, such as a strong in-place yield, renovation upside, and an exceptional location just steps from light rail transit. That strategy ultimately resonated with an experienced buyer who shared our vision for the property.”
In addition to its 27 residential units, Casa del Rey has three ground-floor retail spaces occupied by Buck Horn Barbershop, Spin Cycle Movies, Records, and Games, and a coffee stand.
About the Simon | Anderson Multifamily Team
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents apartment investors, developers, and landowners in the sale and purchase of apartment buildings and development land across the entire State of Washington. The team of 15 brokerage professionals specializes in the sale and purchasing 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 fully independent commercial real estate firm in the Western U.S., with over 900 professionals in 19 offices across Washington, Oregon, California, Nevada, and Arizona. We offer a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Kidder Mathews averages $9 billion in transaction volume, manages 54 million square feet of space, and conducts nearly 2,700 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.
