The Hudson Apartments in Queen Anne changed hands for $38.75M recently, representing a 4.3% capitalization rate. The 127-unit building overlooks Lake Union and has views of Gas Works Park and downtown Seattle. The building was sold by Timberlane Partners to a private family with several local real estate holdings.

The building was constructed in 1987 and underwent two years of renovations between 2014 and 2016 that updated its unit finishes and amenities. It now includes a fully equipped gym, a large deck with a barbecue and a bike maintenance and storage area.

“The sale of The Hudson demonstrates the value of a well-executed, value-add capital improvement program, enlivening an older asset to compete with Seattle’s most modern buildings,” Colliers International’s Multifamily Team member Dylan Simon in a statement. “The Hudson is a unique asset, offering views and an ideal location equidistant from Seattle’s greatest employment hubs. It will provide the new owner a highly-competitive building for decades to come.”

Simon and Colliers International’s Jerrid Anderson represented Timberlane Partners.