**Queen Anne Apartments Change Hands in Chapter 11 Bankruptcy Deal**
Seattle-based developer Vibrant Cities has relinquished control of Roystone, a relatively new 93-unit mixed-use building located at the base of Queen Anne Hill.
The eight-story property at 5 W. Roy Street was transferred via a trustee’s deed as part of a Chapter 11 bankruptcy sale. The buyer’s address corresponds to Citymark Capital, based in Cleveland. While the recorded sale price was listed as $0, the property is currently assessed at $27.1 million, according to the Puget Sound Business Journal.
Originally developed with a $30 million loan from First Interstate Bank in 2020, the Roystone features underground parking, approximately 3,500 square feet of ground-floor retail space, and a rooftop deck offering expansive city views.
The sale was facilitated by Dylan Simon, Jerrid Anderson, and JD Fuller of the Simon | Anderson Multifamily Team at Kidder Mathews. The team brought the building to market in January, and the transaction successfully closed yesterday.
