Waterton Buys Seattle Asset
Skye at Belltown’s acquisition brings the company’s footprint in the city to nearly 1,000 units.
Waterton has purchased Skye at Belltown, a 371-unit community in Seattle, bringing its footprint to 945 apartments in the city.
A joint venture between Mill Creek Residential and AEW Capital Management previously owned the property, according to Yardi Matrix data. The duo purchased the asset for $94 million in 2013. That transaction marked Mill Creek Residential’s first acquisition in Seattle.
Occupying an entire block at 500 Wall St., Skye at Belltown is roughly 1 mile away from the downtown area. The Denny and Olympic Sculpture parks, as well as the Space Needle, are within walking distance.
Built in 1949, the community rises 16 stories, featuring studio, one- and two-bedroom floorplans ranging between 353 and 1,325 square feet. Amenities include a rooftop courtyard, clubroom, gym and billiards room.
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Skye at Belltown has undergone multiple upgrades throughout the years, including recent unit and system improvements. Waterton plans to implement a renovation program of its own, adding new lighting, window air conditioning ports and appliances, as well as enhancing common-area interiors.
Waterton executes value-add strategies, managing a national portfolio of properties on behalf of institutional investors, family offices and financial institutions. As of December 2024, it held approximately $10.0 billion in real estate assets.
The company wrapped up last year with the acquisition of G12, a 347-unit asset in downtown Los Angeles. Affinius Capital sold the community for $31.1 million, Yardi Matrix data shows.
Greater Seattle’s mixed multifamily investment
Metro Seattle investment showed mixed signals during the first quarter. The multifamily transaction volume stood at roughly $581.4 million during the first three months, according to Yardi Matrix data. The figure marked a whopping 261.3 percent increase year-over-year, but also a 41.1 percent drop quarter-over-quarter.
A notable transaction closed earlier this year when Fairfield Residential acquired the 319-unit Riverpark in Redmond, Wash., for $146.5 million, the same source shows. Equity Residential sold the asset.
