Institutional Property Advisors Closes Sale of Former Luxury Hotel in Downtown Seattle
March 31, 2026
SEATTLE, March 31, 2026 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale of The Exeter, 14-story legacy asset with 115 apartment homes and 17,648 square feet of commercial and office space in Seattle, Washington’s First Hill neighborhood. The property sold for $25 million.
"Originally constructed as a luxury Class A hotel, The Exeter embodies a level of craftsmanship not replicated today and has been thoughtfully restored for the modern renter,” said Giovanni Napoli, IPA executive managing director. “The property is a well-maintained asset that has been carefully preserved by both the current seller and prior ownership over multiple decades. While the property has benefited from consistent upkeep, it still offers meaningful value-add potential for future ownership. The unit layouts, averaging approximately 702 square feet, are larger than typical for assets of this vintage, and the inclusion of an underground parking garage further distinguishes the property within its competitive set.” Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino of IPA represented the seller, Gibraltar, and procured the buyer, a private family office.
The building is in Downtown Seattle, close to job centers such as First Hill’s Medical campuses, the Financial District, and South Lake Union. The location is within minutes of Amazon, Google, Swedish Hospital’s First Hill Campus, and Virginia Mason Medical Center. Seattle’s world-class museums, theaters, dining, shopping, recreation, and Link Light Rail are within walking distance.
Built in 1927 and converted to market-rate multifamily in 2016, The Exeter has distinctive, Tudor-inspired architecture, including a grand lobby with stained-glass accents, arched doorways, and historic detailing. Current and past ownership invested significantly in updating building systems, common areas, and unit interiors, balancing the property’s original character with contemporary amenities. A resident lounge framed by wall-to-wall windows is located off the lobby. Additional community amenities include Amazon package lockers, on-site laundry facilities, and a bike storage room.
Apartments have stainless-steel appliances, white Shaker cabinets, granite countertops, and upgraded lighting and plumbing fixtures. Select units have skyline views, historic fireplaces, and washer and dryers, or air conditioning units.
"Originally constructed as a luxury Class A hotel, The Exeter embodies a level of craftsmanship not replicated today and has been thoughtfully restored for the modern renter,” said Giovanni Napoli, IPA executive managing director. “The property is a well-maintained asset that has been carefully preserved by both the current seller and prior ownership over multiple decades. While the property has benefited from consistent upkeep, it still offers meaningful value-add potential for future ownership. The unit layouts, averaging approximately 702 square feet, are larger than typical for assets of this vintage, and the inclusion of an underground parking garage further distinguishes the property within its competitive set.” Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino of IPA represented the seller, Gibraltar, and procured the buyer, a private family office.
The building is in Downtown Seattle, close to job centers such as First Hill’s Medical campuses, the Financial District, and South Lake Union. The location is within minutes of Amazon, Google, Swedish Hospital’s First Hill Campus, and Virginia Mason Medical Center. Seattle’s world-class museums, theaters, dining, shopping, recreation, and Link Light Rail are within walking distance.
Built in 1927 and converted to market-rate multifamily in 2016, The Exeter has distinctive, Tudor-inspired architecture, including a grand lobby with stained-glass accents, arched doorways, and historic detailing. Current and past ownership invested significantly in updating building systems, common areas, and unit interiors, balancing the property’s original character with contemporary amenities. A resident lounge framed by wall-to-wall windows is located off the lobby. Additional community amenities include Amazon package lockers, on-site laundry facilities, and a bike storage room.
Apartments have stainless-steel appliances, white Shaker cabinets, granite countertops, and upgraded lighting and plumbing fixtures. Select units have skyline views, historic fireplaces, and washer and dryers, or air conditioning units.
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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.