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January 19, 2017

SLU complex sells for $24M

Seattle Daily Journal of Commerce

SEATTLE - King County records show the Union Bay Apartments sold for $23.95 million.

The seller was MJRY Investments LLC, which acquired the property in 2004 for $7 million. MJRY lists its governor as Michelle Yeh of Kidder Mathews, who manages assets for foreign owners.

The buyer was Champion SLU LLC, which is associated with Champion Real Estate Co. of Los Angeles. Champion's website says it holds 2.5 million square feet and $1 billion in real estate assets.

Located at 526 Yale Ave. N. in South Lake Union, the seven-story building was developed in 1995. It has 73 units and one small retail space.

The building has about 54,000 net square feet, with two levels of parking at and below grade.

Its website says Union Bay Apartments and Executive Suites has some units renting by the week.

Dylan Simon and Jerrid Anderson of Colliers International Seattle office represented the buyer, Champion Real Estate, in the sale.

(Editor's note: This story has been updated to add the names of the buyer's representatives.)

© 2017 Seattle Daily Journal of Commerce. All rights reserved.

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