Seattle Apartment Building Lands New Owner in $17.5M Deal

A 44-unit mixed-use apartment community located at 840 E Denny Way in Seattle’s Capitol Hill neighborhood sold for $17.5M, or $397,727 per unit. The property, 101 Broadway, was sold by Cairn West.

The six-story building sits within easy walking distance to Cal Anderson Park and Seattle Central College, along with numerous restaurants, shops and entertainment choices. Built in 2017, the property offers contemporary kitchens, large windows, in-unit washers and dryers, a rooftop deck with outdoor cooking facilities, a resident lounge and bicycle storage.

Matt Johnston, Dylan Simon, and Jerrid Anderson of Kidder Mathews’ Simon | Anderson Multifamily Team represented the seller in the transaction. The unnamed 1031 exchange buyer was able to assume the property’s attractive existing loan, which also enabled the seller to exit the property at a more competitive price point. According to Kidder Mathews, the campaign generated 16 property tours with qualified buyers, which resulted in six competitive offers and two rounds of bidding.