{"id":1004071910,"date":"2013-04-29T07:49:03","date_gmt":"2013-04-29T15:49:03","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=121814"},"modified":"2022-12-04T13:43:22","modified_gmt":"2022-12-04T21:43:22","slug":"iconic-seattle-m-f-property-trades-hands-for-94m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/iconic-seattle-m-f-property-trades-hands-for-94m\/","title":{"rendered":"Iconic Seattle M-F Property Trades Hands for $94M"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

Seattle\u2019s multifamily market has recently taken a backseat to the impressive milestones of the Amazon-driven office market. But in the past few weeks, the residential market seems to have picked up its pace and is now also breaking all sorts of records. The trade of the Archstone Belltown building became one of the largest residential transactions in recent memory after Mill Creek Residential Trust L.L.C. acquired the building for $94 million from seller Equity Residential.<\/p>\n

Archstone Belltown is a 360-unit multifamily complex that was for\"\"<\/a>merly known as Grosvenor House. Built in the 1940s, the structure has quite the legacy, being one of only three high-rise concrete structures built in that period in the Seattle area. The property was operated as a retirement community until the early 2000s.<\/p>\n

Set to undergo a number of upgrades to its interior and common areas, the building has views of the Space Needle, the Olympic Mountains and the city\u2019s core. Improvements will be made to the community\u2019s existing rooftop garden, while a new state-of-the-art fitness center will be installed at street level. The new owner\u2019s intention is to reposition the building to target a hipper, more modern potential resident.<\/p>\n

Equity Residential was represented in the acquisition by a team of CBRE Group Inc. brokers: Jon Hallgrimson, Frank Bosl and Eli Hanacek. The property\u2019s location was also a major selling point, with proximity to the new Amazon campus and The Gates Foundation ensuring existing interest from tech-oriented young professionals. \u00a0<\/span>\u00a0<\/span><\/p>\n

Photo courtesy of author: Joe Mabel<\/em>, via Wikimedia Commons<\/p>\n","protected":false},"excerpt":{"rendered":"

Seattle’s multifamily market has recently taken a backseat to the impressive milestones of the Amazon-driven office market. However, during the past few weeks, the residential market seems to have picked up its pace and is now also breaking all sorts of records. The recent trade of the Archstone Belltown building recently became one of the largest residential transactions in recent memory after Mill Creek Residential Trust LLC acquired the building for a fee of $94 million from seller Equity Residential.<\/p>\n","protected":false},"author":237,"featured_media":1004507390,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1610],"tags":[1815],"class_list":["post-1004071910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-seattle","tag-national"],"acf":[],"yoast_head":"\nIconic Seattle M-F Property Trades Hands for $94M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/iconic-seattle-m-f-property-trades-hands-for-94m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Iconic Seattle M-F Property Trades Hands for $94M\" \/>\n<meta property=\"og:description\" content=\"Seattle’s multifamily market has recently taken a backseat to the impressive milestones of the Amazon-driven office market. 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