Mill Creek Sells Seattle Luxury Community for $125M

The 288-unit deal marks the second-largest multifamily transaction to close in the metro this year.
Seattle. Image by Artodidact via Pixabay.com

Mill Creek Residential Trust has completed the $125 million disposition of Modera First Hill, a partially affordable, 288-unit community in Seattle. OZH Holding 4 LLC acquired the property, according to King County records. 

The seller and developer acquired the 1-acre development site at 125 Boren Ave. S. for $20 million from Seattle Housing Authority in 2018. The company financed the project with a $56.3 million construction loan from BBVA Compass Bank, Yardi Matrix shows. The property’s first units came online in August.

Once fully complete, the seven-story building will have 75 affordable units and a subterranean parking garage with 202 spaces. The unit mix has studio apartments and one- and two-bedroom floorplans between 450 and 1,139 square feet. Community amenities include a gym, business center, game room, movie theater and pet spa.

The sale represents the second largest multifamily transaction recorded in King County this year and the fifth largest deal to close across all asset types, an analysis of county records shows. The largest Seattle residential deal of the year closed in July, when Oxford Properties paid $320 million for Kiara, a 461-unit luxury community, backed by financing from PGIM Real Estate. A joint venture between Holland Partners and North America Sekisui House sold the 41-story residential tower.