An entity affiliated with HB Management of Seattle has sold the four-story Mio Apartments at 1319 NE 65th St. for $6.2 million, reported the Puget Sound Business Journal. Selkirk Ridge LLC acquired the property, a boutique apartment home community.
An Issaquah acquisition this spring by Costco Wholesale Corp. led to the sale of the eight-year-old apartment building two blocks from the Roosevelt light rail station. The sale is the first half of a 1031 exchange related to Costco’s springtime expansion. Costco paid Selkirk Ridge $16 million for the former Red Robin property near its headquarters and warehouse store.
Selkirk Ridge was planning a 275-unit mixed-use apartment project on the site. Santo Coffee Co., co-owned by former Seattle Sounders player Fredy Montero, operates at the base of the four-story building, which features units averaging 439 square feet.
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