Oxford Properties Pays $320M for Seattle High-Rise

PGIM Real Estate provided acquisition financing for the metro’s largest multifamily deal of the year.
Kiara

Holland Partners and North America Sekisui House have finalized Seattle’s largest multifamily transaction of the year with the $320 million disposition of the 461-unit Kiara. PGIM Real Estate provided buyer Oxford Properties Group with acquisition financing for the luxury asset, according to King County records.

Located at 970 Denny Way, the property delivered in late 2018 after approximately two years of construction, Yardi Matrix shows. The U.S. Green Building Council awarded the Weber Thompson-designed, 41-story tower with LEED Gold certification in early 2019. 

The community has a mix of studio, one- and two-bedroom apartments with 29 penthouse suites. Unit floorplans range from 421 to 3,033 square feet. Amenities include four levels of underground parking, a business center with meeting rooms, a dog park, a game room, a presentation kitchen and a rooftop terrace at the 41st floor. The building also has 15,098 square feet of retail on the ground floor.

Kiara is positioned on the southern edge of Seattle’s South Lake Union neighborhood, just north of Denny Triangle. The property is within half a mile of nearly 23 million square feet of office space, according to Yardi Matrix, home to major tenants including Amazon, Google and Facebook. The high-end community is also less than 1 mile from the 185-unit Alto Apartments, which sold for nearly $67 million earlier in the week.