Thursday, July 16, 2015

City of Seattle: Record Breaking Apartment Activity


The Downtown Seattle Associaton recently published their mid-year development guide stating there has not been this much development in Seattle in more than a decade. There are 106 projects currently under construction, about to break ground or completed since January of 2014, including 10,425 apartment units.

In addition, a city record was broken last week with the $240 milion dollar sale of a new, luxury, high-end apartment building, Premiere on Pine. Holland Partner Group, which developed the 40-story project just west of the Paramount Theatre sold the property to Heitman, a global investment management real estate firm based in Chicago for the record price of approximately $622,000 per-unit.