August 21, 2024

63 Madison Park units, with charm galore, trade for over $15M

Photos via CBRE [enlarge]

The complex has a pleasing mish-mash of styles.

Lake Court, at 2012 43rd Ave. E. in Madison Park , sold this week for almost $15.5 million, according to King County records. The seller of the vintage apartment complex, via an LLC, was the Heathman family, which purchased the waterfront property in 1944, then added to it.

The buyer was Lake Court LLC, which is associated with local value-add investor Kite Partners.

The seller's brokers, at CBRE, were Reed Hunter, Peter Wright, Spencer Clark, Beau Meitl and John Joyce. The deal was worth about $245,831 per unit. The property, with its 180 feet of Lake Washington frontage and private dock, was listed in January.

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On about 1.3 acres, Lake Court was developed in disparate phases from the early 1920s into the early 1950s. Five low-rise buildings now have 63 units. Among the eminent architects are William J. Bain, Sr., Lionel Pries, Paul Thiry, James M. Taylor and Frederick Anhalt.

Period styles range from English Tudor to Spanish/Mediterranean to Norman French design. Units run from 447-square-foot studios to two-beds with 765 square feet. There doesn't appear to be much if any parking. A few steps away, there's a stop for the RapidRide G Line, to open later this fall. And neighborhood institution Bert's Red Apple Market is no less convenient for grocery shopping.

CBRE listed the property, unpriced, as a value-add investment. That was also the case with the 51-unit Auditorium Apartments, near Seattle Center, which CBRE sold to Kite this spring for over $12 million.