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Multifamily

The Mill at First Hill

Seattle, WA

358 Units

Built in 1949

Core

Investment Highlights

  • Iconic Modernized Building: Renowned residential complex encompassing an entire city block. The Mill boasts two modern H-shaped towers, each 14-stories high to optimize natural light and and views.
  • Renovated Community: Current ownership has invested $14.5 million in building updates and enhancements since 2016. All new windows, plumbing upgrades, elevator upgrades, and more. refurbishments
  • Highly Amenitized Building: Spacious lobbies, expansive leasing office with kitchen, speakeasy lounge, fitness center, pool and spa, rooftop decks, package receiving, and more.
  • 50-Yard Line Location: Boasting a Walk Score of 97 and Transit Score of 100, The Mill is located at the heart of Seattle's most popular neighborhoods, including First Hill, Capitol Hill, South Lake Union, and the CBD offering unparalleled access to shopping, dining, nightlife, and amenities. Link Light Rail within half of mile. Major employers are conveniently within walking distance or just a short commute away.
  • Value-Add Opportunity / Potential Development Opportunity: Ability to capitalize rental upside by completing unit renovations to achieve a contemporary and harmonized unit interior standard. Currently four different unit scopes are at the property, including 157 classic units. Excess land available providing development potential for additional units.
  • Discount to Replacement Costs: Priced well below replacement cost. High barrier-to-entry due to lack of available land, City of Seattle 24 to 36-month development process, and rising construction costs.

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