Institutional Property Advisors Negotiates Seattle Mixed-Use Asset Sale
SEATTLE, Aug. 15, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of 2900 on First, a 135-unit apartment property with 14,644 square feet of street-level retail in the Belltown neighborhood of Seattle, Washington. The asset traded for $69 million, or $511,111 per unit.
“2900 on First is a unique trophy asset in one of the most resilient multifamily markets in the nation,” said Philip Assouad, IPA executive director. “The area’s net-migration rate, the educational attainment of its workforce and hourly earnings are consistently rated among the highest in the nation’s largest metros.” Assouad, IPA’s Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero represented the seller, AIMCO and procured the buyer. “In order to provide the rental market a redeveloped asset with modern amenities, new building exteriors, common area renovations, and complete unit upgrades were made from 2011 to 2014,” added Napoli.
Located on half a city block in one of the city’s most densely populated neighborhoods, 2900 on First is close to Seattle Center and the Space Needle. Pike Place Market, Olympic Sculpture Park, and newly renovated Climate Pledge Arena are nearby. Amazon’s world headquarters is 1.5 miles from the property, and Apple, Google and Facebook are within walking distance.
The property is composed of three connected seven-story residential towers and a central stand-alone amenity building atop a retail and parking garage podium. Common area amenities include a leasing office with a resident clubhouse and kitchen, a conference room, multi-level fitness center and an expansive courtyard and lawn. The street-level retail space is occupied by a restaurant, spa, bakery, beauty store and pizza delivery service. Apartments have new flat-panel cabinetry, full-size washers and dryers, keyless entries and Wi-Fi enabled thermostats. Select homes have wood-burning fireplaces and private balconies with city or water views.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.