ACG Anticipates Future Demand in $68M Acquisition

Seattle’s urban core continues to experience an abundance of job opportunities, driven by the technology, healthcare and higher education industries. American Capital Group (ACG) recently acquired 700 Broadway and Vantage Park, two multifamily communities located in Seattle’s Capitol Hill neighborhood, for a combined purchase price of $68.35 million.

Both properties are centrally located in urban Seattle within walking distance to many of the city’s major employment centers, and educational and healthcare institutions. 700 Broadway and Vantage Park are near Amazon, Google, Facebook and Apple, providing more than 24,000 jobs to the area.

“ACG anticipates increased demand for high-quality well-located housing in urban markets as residents continue to value efficient commute times and proximity to work, entertainment and education,” said BJ Kuula, president, ACG.

ACG plans to implement a capital improvement program.

“We see significant opportunity for value creation and operational upside in these communities and will leverage our market expertise to reposition these properties to create an elevated living experience for both current and future residents,” said John Lo, acquisitions manager for ACG.

700 Broadway features 59 units spanning studio, one- and two-bedroom interiors. Vantage Park, a 91-unit community, lies within the south Capitol Hill neighborhood.