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March 30, 2015

REO Flats sell for $47M on Capitol Hill

SEATTLE — REO Flats, a recently built apartment project at 1525 14th Ave. on Capitol Hill, sold for $47 million, property records show.

An entity related to ASB Real Estate Investments of Bethesda, Maryland, paid about $435,185 per unit for the seven-story, 108-unit building.

The sellers, Madrona Real Estate Services of Seattle and Glenmont Capital Management of New York, developed the building. It has 7,200 square feet of retail and 79 parking spaces.

David Young, Corey Marx, Seth Heikkila and Matt Kemper of Jones Lang LaSalle were the listing brokers.

(Editor’s note: Story has been changed to add the names of the listing brokers.)

REO Flats is named for Ransom E. Olds, who was a pioneer in the American auto industry. The Oldsmobile brand was named after him, and the car company once operated on Capitol Hill's historic auto row.

REO Flats includes the facade of a 1925 structure that was on the site, and the entry is lined with brick salvaged from the Supply Laundry Building in South Lake Union.

A 32-by-42-foot mural on the south side of the building depicts the REO Speed Wagon, considered to be “the ancestor” of the pickup truck.

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