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May. 31, 2014

Essex Property Trust Expands Seattle-Area Portfolio with Purchase of Collins on Pine

By Alex Girda, Associate Editor

In the latest real estate transaction involving a Seattle-area apartment property, Essex Property Trust acquired a high-end residential asset in the Pike/Pine neighborhood for $29.6 million. The upscale community Collins on Pine was in high demand, according to the Puget Sound Business Journal, but the seller, a limited liability company controlled by Metropolitan Homes Corp., selected Essex Property Trust.

Collins on Pine is a 76-unit luxury residential building that offers a number of upper-tier amenities, including a resident lounge with full demonstration, a rooftop barbecue area, a storage area, a bicycle storage space, as well as a fire pit with outdoor TV. The building also offers on-site maintenance and package receiving, a valet dry cleaning service and the Collins Concierge service, providing house cleaning, and other services are available online. The 76 residential units include studio apartments as well as one- and two-bedroom residences. Rent rates at the building range between $1,450 for a studio and $3,705 for the larger, two-bedroom apartments.

Located at 1601 13th Ave., in one of the more vibrant areas of Seattle and a current hotbed for multifamily investment, Collins on Pine is proximite to the nearby Cal Anderson Park and the fine dining options found throughout Capitol Hill. Essex Property Trust has added the asset to a number of other communities it owns in greater Seattle, including Vox Apartments at 1527 15th Ave., Joule Apartments at 523 Broadway E., and The Cairns, at 422 Yale Ave. N.

Image courtesy of essexapartmenthomes.com 

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