40-Unit Apartment Building in Seattle’s University District Trades for $6M

Ponderay Apartments, a 40-unit multifamily property located at 5625 15th Ave NE in Seattle’s University District, sold for $6.26 million, equating to $156,625 per unit.

Built in 1963, the property totals 21,540 square feet and consists of 22 one-bedroom units and 18 studio apartments. The studios average 478 square feet, while the one-bedroom units average 588 square feet, larger than typical micro-units in the area.

Located in the heart of the University District, Ponderay Apartments is within walking distance of the University of Washington, the U District Light Rail Station, and a wide range of shopping, dining, and entertainment options. Jacob Odegard, director at Cushman & Wakefield’s Seattle office, represented the seller, Ponderay LLC, in the transaction. The buyer was Rovers Landing LLC.

“Comprised primarily of studio and one-bedroom units, the Ponderay Apartments offer attainable rental housing for residents earning approximately 50% to 60% of area median income,” said Odegard.