TPG Sells Seattle Community for $48M
This property previously traded for $62 million four years ago.
ArtHouse Apartments, a 139-unit community in Seattle, has changed hands for $47.8 million. JLL Capital Markets brokered the deal on behalf of the seller, identified by Yardi Matrix as TPG Real Estate.
Angelo & Gordon Corp. had purchased the property in November 2021 from The Pauls Corp. for $61.8 million or $444,543 per unit, the same data provider shows. Principal Financial Group issued a $45.4 million acquisition loan for that deal.
Two years later, TPG Real Estate bought out Angelo & Gordon for $2.7 billion and assumed ownership of all existing assets across the U.S.
A community in Belltown
ArtHouse Apartments came online in 2014 at 2334 Elliott Ave. The seven-story property encloses apartments with studio, one- and two-bedroom layouts ranging from 388 to 955 square feet. Shared amenities include two rooftop decks, a fitness studio, an indoor/outdoor sky lounge and controlled-access parking with 79 spots.
The residential community is in Belltown, one of Seattle’s most densely populated neighborhoods, between the city center and the Space Needle landmark. Additionally, the mid-rise is within 1 mile of Westlake Light Rail Station and close to Seattle’s $806 million Waterfront Redevelopment Project.
JLL Capital Markets Senior Managing Directors David Young and Corey Marx, together with Senior Director Chris Ross, led the Investment Sales and Advisory team that arranged the sale on behalf of TPG.
Seattle multifamily sales surge
Seattle has seen $3.7 billion in investment sales year-to-date through November, with 76 properties changing hands at an average per-unit price of $329,262, Yardi Matrix data shows. The metro had recorded only $1.9 billion in transactions during the same 11 months of 2024, with 42 assets trading at an average price of $318,858 per unit.
The 94.7 percent surge in multifamily transaction volume year-over-year, along with the 3.3 percent rise in average per-unit price signals renewed investor confidence. This upswing also positioned the metro second in the U.S. after Phoenix for investment volume as of June 2025.
