Heitman Finds Seattle Luxury Comes at a Premium

Premiere on Pine, one of the most high-end multifamily properties in the Seattle market, just traded hands. The luxury high-rise has been successfully sold by owner and developer Holland Partner Group to Heitman, a Chicago-based company.

Premiere on Pine, one of the highest-end multifamily properties in the Seattle market, just traded hands. Chicago-based Heitman purchased the luxury high-rise from owner and developer Holland Partner Group.

Premiere on Pine

Premiere on Pine

The purchase price for the LEED Silver-certified asset stood at approximately $240.1 million, or a per-unit price of around $614,300, one of the highest paid for a Puget Sound-area multifamily property. It is also the first Seattle residential asset to trade for more than $200 million. The listing was marketed on behalf of the seller by an HFF team consisting of Executive Managing Director Matthew Lawton, Managing Director Ira Virden and Senior Managing Director Gerry Rohm.

Located at the intersection of Pine Street and Eighth Avenue in the city’s Pike-Pine retail corridor, the 368-unit tower offers studio, one-, two- and three-bedroom condos, with an average size of 797 square feet of space. Residents at Premiere on Pine are granted access to an amenity package that includes fitness facilities, a theater room, a club room, two event spaces and a 3,000-square-foot balcony.

The ground floor of the 40-story building features 3,385 square feet of retail space. The building was completed just last year and offers good proximity to the transportation hub at Interstate 5 and Westlake Station.

Image courtesy of premiereonpine.com