Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of The Gilbert, a 54-unit apartment community with approximately 10,577 square feet of fully leased retail in Seattle’s Upper Queen Anne neighborhood.
“The Gilbert is an elegant four-story steel-and-concrete asset in one of the highest barrier-to-entry submarkets in Seattle,” said Giovanni Napoli, IPA senior managing director. “Known for its old-world charm, boutiques, restaurants, nightlife, and easy access to the downtown core, the Upper Queen Anne neighborhood is difficult to develop in due to the many buildings and homes that are protected by historic preservation.” IPA’s Napoli, Philip Assouad, Ryan Dinius, and Sidney Warsinske represented the seller, LaSalle Investment Management, and procured the buyer, Village Properties.
The Gilbert is within five-to-10 minutes of Seattle’s most notable employers, including Amazon’s 14-million-square-foot South Lake Union (SLU) world headquarters, Google’s new 1-million-square-foot SLU campus, and Expedia’s 40-acre waterfront campus. Other major employers nearby include Apple, The Gates Foundation, Dropbox, Facebook, and Holland America. The Seattle Gym is directly across the street, grocery stores are within blocks and Kerry Park, Seattle’s most scenic park, is four blocks away. The Space Needle, Olympic Sculpture Park, and the Pacific Science Center are all within one mile of The Gilbert.
Constructed in 2005, the east and north ends of the building have a brick veneer exterior, which gives the property a classic look that reflects the neighborhood’s charm. Unit interiors have recently been renovated and the gated subterranean parking garage has over 70 parking stalls. Commercial tenants include the Jaime Oneill Salon, La Pasta, Chaco Canyon Cafe, and Desert Sun Tanning Salon.