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Two New Capitol Hill Apartment Complexes Sold This Week

This is the time to get in on owning Capitol Hill apartment complexes, apparently. First, The Gatsby, a new 70-apartment complex at 1145 10th Avenue East, was sold Thursday for a little over $35.5M. Continental Properties was the seller and Tehama Gatsby Limited Liability Co. was the buyer, though it's unclear who the actual buyer is just yet. The $507,600 price-per-unit is high, but not a Puget Sound region record.

Meanwhile, the recently-completed 1711 12th Ave building has been sold for $9.9M. Gramor Development CEO John Graham bought the property in 2011 for $850K and, after costs, CHS figures that, after costs, he made around $3M on the deal. Not too shabby.
· High price paid for Continental Properties' new Seattle apartment complex [PSBJ]
· Newly built 12th Ave apartment project sells for $9.9 million [CHS]