GT Capital, Freestone Acquire Seattle Multifamily Asset for $44M
It's the joint venture's second investment in the city.
A joint venture between GT Capital and Freestone Capital Management has acquired Lock Vista Apartments, a 192-unit multifamily community located in Seattle’s historic Ballard neighborhood. The sale price was just over $43.7 million, according to the Daily Journal of Commerce, which cited King County records.
Yardi Matrix listed Wyco Inc., a Seattle-based real estate company specializing in development, asset management and lending as the most recent owner prior to the sale. Wyco acquired the property in January 2004 from David Tilton for nearly $18 million, the same source shows. The property became subject to a 10-year CMBS Fannie Mae loan originated by Lument in May 2018 that was set to mature on April 1, 2028 according to Yardi Matrix.
The purchase is the two Seattle-based firms’ second investment together in the city. Last year, they teamed up to purchase the iconic Smith Tower office building and Butler Garage in downtown Seattle. They were part of an investor group including Seattle families and Evergreen Ventures that acquired the 42-story tower, the city’s first skyscraper that was built in 1914, as well as the parking garage.
Jason Mann, partner at Freestone, said in prepared remarks their latest investment provides a rare example of a property with character and location. He noted that the Ballard neighborhood continues to attract high-income renters seeking access to waterfront amenities and proximity to the city’s major employers.
Closer look at Lock Vista
Built in 1949, Lock Vista is located at 3025 N.W. Market St. and is comprised of our three-story brick buildings across 3.48 acres. It has a mix of studio, one-, two- and three-bedroom floorplans ranging in size from 375 square feet to 1,130 square feet. Rents range from $1,552 to $3,451, with a mean of $1,852, according to Yardi Matrix data.
The property underwent a comprehensive $13 million renovation between 2018 and 2021 that modernized kitchens and bathrooms, plumbing and electrical systems. Renovations also included enhancements to amenities such including the fitness center, pool, bike room and clubhouse.
The property also has four laundry facilities and a total of 147 parking spaces. It offers monitored security for residents and high-speed internet access.
Located four blocks from downtown Ballard, Lock Vista offers residents neighborhood living with a mix of urban amenities nearby. The property is steps from the Burke-Gilman Trail, providing walkability and transit access to South Lake Union, downtown Seattle and the University of Washington. The area continues to benefit from strong job and population growth, driving by Seattle’s expanding technology, healthcare and life science sectors.
Active investment market
Lock Vista is one of several properties in Seattle and its nearby suburbs to recently change hands. Last month, Transwestern Investment Group sold Viva, a 105-unit Class A apartment community in the city’s Capitol Hill submarket to an undisclosed buyer. The sale price was also not released. The mixed-use property at 1111 E. Union St. has 7,450 square feet of retail space.
In September, The Sobrato Organization acquired Park Metro Apartments, a 78-unit community in the Seattle suburb of Bellevue, Wash., for $33 million.
Also in September, in one of the largest deals this year in the region, Security Properties purchased a five-property apartment portfolio for $400.8 million from Washington Holdings. The properties were Liza Eastlake, The Hemlock, The Hayes on Stone Way, the Carter on the Park and Heron Flats & Lofts, all located in some of Seattle most desirable neighborhoods.
