Seattle’s multifamily market has recently taken a backseat to the impressive milestones of the Amazon-driven office market. But in the past few weeks, the residential market seems to have picked up its pace and is now also breaking all sorts of records. The trade of the Archstone Belltown building became one of the largest residential transactions in recent memory after Mill Creek Residential Trust L.L.C. acquired the building for $94 million from seller Equity Residential.
Archstone Belltown is a 360-unit multifamily complex that was formerly known as Grosvenor House. Built in the 1940s, the structure has quite the legacy, being one of only three high-rise concrete structures built in that period in the Seattle area. The property was operated as a retirement community until the early 2000s.
Set to undergo a number of upgrades to its interior and common areas, the building has views of the Space Needle, the Olympic Mountains and the city’s core. Improvements will be made to the community’s existing rooftop garden, while a new state-of-the-art fitness center will be installed at street level. The new owner’s intention is to reposition the building to target a hipper, more modern potential resident.
Equity Residential was represented in the acquisition by a team of CBRE Group Inc. brokers: Jon Hallgrimson, Frank Bosl and Eli Hanacek. The property’s location was also a major selling point, with proximity to the new Amazon campus and The Gates Foundation ensuring existing interest from tech-oriented young professionals.
Photo courtesy of author: Joe Mabel, via Wikimedia Commons