73-Unit Property Goes for $24 Million

Champion Real Estate Co., headquartered in Los Angeles, acquired Union Bay Apartments in Seattle’s South Lake Union submarket. The buyer paid $24 million to local seller MJRY Investments LLC for the asset, which also includes close to 3,000 square feet of ground-floor commercial space.

The seller owned the property at 526 Yale Ave. N. since 1994, when it delivered to the market. Champion’s plans are to boost the asset value by installing professional local management, and upgrading the units.

“The acquisition of Union Bay Apartments is consistent with Champion’s simple mission to own and develop in “A” locations where people want to live,” states Parker Champion, senior vice president. “South Lake Union has transformed into a critical economic engine for the Pacific Northwest, and more recently the housing, daily needs, and lifestyle retail have followed the jobs.”

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