One Thousand Eighth Avenue is a 356-unit, 66-year-old apartment complex on Seattle's First Hill. The exterior of the property pales in comparison to the contemporary, interior finishes. Sequoia Equities, a Walnut Creek, California investment company probably felt the same way. The Puget Sound Business Journal reported Sequoia Equities purchased the assett for $92.9 million, a 52 percent increase from what the seller purchased it for three years ago.
What was the driving factor for dramatic increase in price? Rising rents...
Puget Sound Business Journal Article:
Rising rents drive value of Seattle 'trophy' apartment complex up 52 percent.