Weidner Acquires Seattle Community for $225M
Continental Properties sold the 313-unit Tower12 for $719,000 per apartment, a multifamily sales record for the area.
By D.C. Stribling, Contributing Editor
Weidner Apartment Homes has acquired the 313-unit Tower12 for $225.3 million in Seattle from Continental Properties. The price, at more than $719,000 per unit, is thought to be a record sales price per unit in the Seattle multifamily market.
Tower12 is a 34-story high rise located one block from the Pike Place Market in downtown Seattle. Its units average 847 square feet. Nearly 70 percent of the units feature a view of the water, since Tower12 is significantly taller than other buildings on the block.
Common amenities include an indoor/outdoor top-floor resident clubhouse offering gathering areas, kitchen and bar, resident lounge, library, a fitness center and a yoga room. The rooftop garden provides a gas-fired pit lounge area and barbeque grills with seating for dining. Other amenities include a theater and media room, board room, pet run and grooming station.
Continental Properties developed the property, completing it earlier this year. PCL Construction Services was the general contractor on the project, with Avenue5 Residential leasing and managing it. MG2 is the architect of record.
The acquisition is the largest thus far in its home market for Weidner Apartment Homes, a Kirkland, Wash.-based company with more than 50,000 units in the U.S. and Canada. “The Tower12 building will be the flagship property for Weidner in the Northwest,” said Weidner vice president Greg Cerbana. “Local building ownership is important to the long-term economic health of the Seattle rental housing market.”