The new Elliot Bayview Apartments sold last week for a record breaking price of $14, 650,000 in Queen Anne’s Uptown neighborhood. The 41 unit project marks the highest sale of a multifamily property with less than 100 units in Seattle, which breaks down to $357,317 per unit and $518 per square foot. The So. Cal buyer, 17910 Burbank Limited Liability Co. Another LLC purchased the building half leased, and according to the Puget Sound Business Journal, tenants are currently paying close to $2.60/sf.
The Business Journal said that the average cost of rent in the Queen Anne neighborhood in properties built since 2010 is close to $2.51/sf, and rent has increased close to 17% in the neighborhood over the past year. For more information about the apartment building, visit the Elliot Bayview website today.