SEATTLE-A joint venture of O’Connor Capital Partners and Urban Partners LLC has sold Aspira, a 37-story multifamily high-rise located at 1823 Terry Ave. downtown. Sources involved in the deal did not return GlobeSt.com’s request for further information before deadline, but industry sources unrelated to the transaction report that the sale price was $165.7 million, or $509,706 per unit, and that the buyer was T-C Aspira LLC.
Marc D. Renard, Cushman & Wakefield of California Inc.’s vice chairman and executive managing director, capital markets group, led a team that included Pete Shelton, Manfred W. Schaub and Kim Grant in representing the seller in the transaction. The property is Seattle’s first four-star built-green luxury high-rise and contains 325 apartment homes. Sources report that Aspira was built in 2010 and that the land had been purchased in August of 2007 for $8.5 million.
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Seattle multifamily properties have been changing hands rapidly of late. As GlobeSt.com reported last month, Seattle remains high on the list of target cities for multifamily investment. According to David Young, managing director of Jones Lang LaSalle in Seattle, “Over the next three years, we expect the apartment sector in Seattle to outperform much of the US, keeping Puget Sound front and center on investors’ radar. The Seattle area will have slow but steady growth in the coming year, as increases in gas prices and lower cost of living keep migration focused around the urban core.”
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
