The Swig Co., in a partnership with Rise Properties Trust, has acquired Colina Apartments, a 139-unit multifamily community in Seattle. Developer Pacific Housing N.W. sold the property for $65.2 million, according to Yardi Matrix data.
Completed in 2021, Colina is located at 2709 17th Ave. S. and encompasses studio, one- and two-bedroom units ranging between 386 and 961 square feet. Units feature digital locks, high ceilings, stainless steel appliances, washers and dryers and Wi-Fi. Common-area amenities include a fitness center, two roof decks, a rooftop community room, 4,000 square feet of ground floor retail space and 39 parking spots.
The two-building, six-story property is situated in Beacon Hill neighborhood, close to Interstate 5, Interstate 90 and downtown Seattle, within 3.5 miles from Amazon’s corporate headquarters and 3.8 miles from King County International Airport.
Colina is LEED Gold certified, featuring E.V. charging parking and a green roof with solar panels. Thrive Communities will be the property manager.
The new ownership’s portfolio consists of approximately 9 million square feet of office space in Seattle, New York, San Francisco Bay Area and Southern California. The Swig Co. now seeks to expand its multifamily footprint and Colina marks the company’s first purchase of a residential asset in the Pacific Northwest. The acquisition also marks Rise Properties’ first partnership with The Swig Co.
According to a recent Yardi Matrix report, Seattle’s unemployment rate stood at 2.6 percent as of April, surpassing the U.S. average by 100 basis points. Meanwhile, large companies such as Amazon, Meta and Microsoft continue to expand in the metro, adding new jobs. Multifamily investors are also active, bringing the total sales volume to $1.7 billion as of May.