The Hudson Apartments in Queen Anne Trades for $38.75 Million
Seattle, April 11, 2019 – Dylan Simon and Jerrid Anderson of Colliers International’s Seattle Multifamily Team today closed the sale of The Hudson Apartments in Seattle’s Queen Anne neighborhood. The sales price of the building was $38,750,000 — representing a 4.3% capitalization rate. Colliers represented the seller, Timberlane Partners, in the transaction. The buyer was a private family with several local real estate holdings.
The Hudson is a 127-unit apartment building overlooking Lake Union, with scenic views of Gas Works Park and Downtown Seattle. Proximity to South Lake Union, Westlake, and Fremont provides residents unmatched access to Seattle’s tech employment hubs, as well as the best lifestyle amenities Seattle has to offer.
Built in 1987, The Hudson underwent extensive renovations from 2014 through 2016. The comprehensive modernization of the building included unit finishes and upgraded amenities including a fully equipped gym, large deck with community BBQ, and bike maintenance and storage area.
“The sale of The Hudson demonstrates the value of a well-executed, value-add capital improvement program, enlivening an older asset to compete with Seattle’s most modern buildings,” commented Simon on the transaction.
“The Hudson is a unique asset, offering unobstructable views and an ideal location equidistant from Seattle’s greatest employment hubs. It will provide the new owner a highly-competitive building for decades to come.”
In the Press:
- Timberlane Partners Sells 127-Unit The Hudson Apartments in Seattle for $38.7M – REBusiness Online
- Timberlane Sells Seattle Queen Anne MF for $39M – Connect Commercial Real Estate
- Apartment Building In Queen Anne Sells For $38M – Bisnow
- 127-unit apartment complex on Aurora has sold for $39M – Daily Journal of Commerce
- Timberlane Sells The Hudson Apartments in Queen Anne for $38.75MM – The Registry
- Renovated Apartments Fetch Tidy Profit for Seattle Firm – CoStar