Two Seattle Apartment Buildings Change Hands

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SEATTLE-A couple of Seattle apartment properties have changed hands in recent days. In the bigger of the two transactions, the 91-unit Vantage Park Apartments in the First Hill neighborhood sold for $15.2 million.

The 91-unit apartment building was built in 2000 at 1011 East Terrace Ave., within walking distance of all four medical centers on First Hill, a.k.a Pill Hill. The new owner is locally based Security Properties Inc., which owns about 20,000 apartment units in 35 states. The seller is listed as Vantage Development I LLC.

Security Properties officials say the company plans to take advantage of the location and remarket the property with an emphasis on medical center employees. The property has traditionally housed a high percentage of students, they say, because it also is located near both Seattle University and Seattle Central Community College.

In the other deal, San Francisco-based Bascom Northwest Ventures LLC acquired the Mandarin View Apartments on Beacon Hill from Lee Holdings LLC for $8.45 million. The 96-unit complex was built in 1968 on a bluff overlooking Downtown and the Puget Sound, which provides three-quarters of the units with unobstructed views. Pinnacle Management has been retained to manage the property.

About 62% of the units are one-bedroom apartments. Another 21% are two-bedroom apartments. The remainder are studio apartments. Bascom officials say the seller completed a modest renovation within the last five years. Bascom will upgrade the project and market it to residents seeking views and on-site amenities such as gated parking, secure buildings, a fitness center and sauna.