April 1, 2015

Sunset Electric sells for $42M to ASB, which just bought REO Flats

Photo by Doug Scott [enlarge]

The 92-unit apartment building on Capitol Hill was named the 2014 DJC Building of the Year.

On Monday, Sunset Electric, a 92-unit apartment building on Capitol Hill, was named the 2014 DJC Building of the Year. On Tuesday it sold for $41.65 million, or $452,717 per unit.

An entity related to ASB Real Estate Investments of Bethesda, Maryland, bought the building at 1111 E. Pine St. The Wolff Co. of Scottsdale, Arizona, is the seller.

This is the second prominent Capitol Hill apartment complex ASB has purchased in less than a week. ASB bought REO Flats, a 108-unit building at 1525 14th Ave., for $47 million, or $435,185 per unit. Madrona Real Estate Services of Seattle and Glenmont Capital Management of New York were the sellers on that building.

Wolff developed Sunset Electric, which opened last spring. Weber Thompson is the architect and Compass General Construction built it.

Patrinely Group was development manager for Sunset Electric. Other team members were: Steve Cox, architect, design consultant; DCI Engineers; Ecotope; Bush, Roed & Hitchings; BEE Consulting; Transportation Solutions; SSA Acoustics; O'Brien & Co.; Riverstone Residential Group; and JSH Properties.

Sunset Electric incorporates a two-story brick facade that was part of a 1926 auto-row building. The old facade was integrated into the new structure and frames the street-level retail.

Original framing timbers were reused for shelving, bedroom doors and stair treads.

David Young, Corey Marx, Seth Heikkila and Matt Kemper of Jones Lang LaSalle were the listing brokers for Sunset Electric and REO Flats.

Heikkila said the two complexes were not part of a portfolio sale. ASB was looking to own a couple of premier apartment assets to mark its entrance into Seattle.

Related Stories:

• Lynnwood artist wins DJC drawing  04-01-2015
  
• Sunset Electric is DJC Building of the Year  03-31-2015