Griffis Residential Acquires Seattle Waterfront Community
The downtown property last changed ownership in 2017.
Griffis Residential acquires The Post, a 208-unit high-rise apartment building on Seattle’s waterfront. The seller was UBS Realty Investors, which became the owner of The Post in 2017, when the former owner foreclosed on the loan, Yardi Matrix data shows. CBRE represented UBS Realty Investors in the disposition.
Completed in 2013, the multifamily asset stands 16 stories tall and includes 208 units with studio, one- and two-bedroom floorplans averaging 701 square feet. The list of common-area amenities offers a rooftop terrace, theater room, fitness center and yoga room, conference room, demonstration kitchen, dog lounge and game room.
Located at 888 Western Avenue in downtown Seattle, The Post is 150 yards from the bay and within blocks of the Link Light Rail, Seattle Streetcar, Amtrak Cascades, King Street Station and the Seattle Ferry Terminal.
The property also offers easy access to Seattle attractions, as well as convenient walkability to the Puget Sound’s top employers and views of Elliott Bay and the Olympic Mountains, as mentioned by Jon Hallgrimson, vice chairman of CBRE, in a prepared statement.
Vice Chairmen Jon Hallgrimson and Eli Hanacek, alongside Executive Vice President Mark Washington and Vice President Kyle Yamamoto of CBRE brokered the transaction on behalf of the seller.
With Seattle’s multifamily market coming out of the crisis, rental demand is growing, and so are investment sales. Just last week, Virtu Investment paid $109 million for a 154-unit Bellevue property.