The former Olympic athlete who developed a 12th Ave property into this four-story, 37-unit apartment building appears to have produced a gold medal-worthy return on the investment.
According to King County Property Records, the recently completed 1711 12th Ave building has sold for $9.9 million. Gramor Development CEO John Graham, “a three time Olympian competing in both track and field, and bobsleigh,” according to his Linked In profile, purchased the property just above Cal Anderson Park for $850,000 in July 2011.
Calculating costs based on one CHS source’s estimates of $160,000 per unit, Gramor would have spent around $5.9 million on the construction. The $3.15 million or so profit sketches out to a 370% return on the initial purchase of the property, by the way. Olympian performance!
Like 11th Ave south of the park where a sixth new building is planned, 12th Ave has been a hot bed for new apartment and microhousing projects large and small.
The happy new owner of 1711 — the entity paid $268,000 per unit for the building — is listed in county records as Capitol Park, LLC. A check of state records reveals no governing persons listed for the recently formed limited liability corporation. If you’re the proud new owner, let us know.
The high-end Gatsby Apartments on 10th Ave E would have cost you an even larger arm and a leg. The project sold this week for $35.5 million — $507,000 per unit. Of course, the buyer also gets to own one of the most notorious building brands in the new wave of Capitol Hill development.
All in all, owning multifamily properties on Capitol Hill seems like a pretty profitable venture. Though, during this latest boom, owning Hill real estate of any type might make you a buck or two.