Seattle Efficiency Community Changes Hands

Wilshire Capital Partners acquired the 75-unit property for nearly $18 million, financed with a loan from Bridge Investment Group Partners.
The Redwood

Johnson & Carr has sold The Redwood, a 75-unit community in Seattle, to Wilshire Capital Partners for $17.5 million, according to Yardi Matrix. Bridge Investment Group Partners provided the buyer with acquisition financing.

Located at 111 21st Ave. E. in the city’s Capitol Hill/Eastlake submarket, the property is a short distance from the East Madison Street retail corridor, 1.5 miles from downtown Seattle. Four city bus routes operate in the immediate area, connecting the community with the wider metro. Kaiser Permanente’s Capitol Hill Campus is less than 1 mile west of the asset.

Developed by the seller in 2017, the community contains a mix of efficiency and studio apartments, with floorplans ranging from 251 to 454 square feet. Amenities include a rooftop deck, a courtyard, complimentary Wi-Fi in common areas, laundry facilities and bicycle storage. The asset was 98.7 percent occupied last November, per Yardi Matrix data.

In May, two communities—both roughly 3.5 miles north of The Redwood—traded for $10.4 million, breaking per-square-foot pricing records.

Image courtesy of Yardi Matrix