CA Buyer Pays $55M for Seattle Apartment

A Calabasas, CA buyer, operating under the name Rivet Urban Homes LLC, acquired Seattle’s 131-unit Rivet Apartments from developer Holland Partner Group. The Seattle-based seller ended up pocketing $54.8 million in the transaction. The developer had acquired the acreage at 1201 Mercer St. in Seattle’s South Lake Union neighborhood for $5.6 million in 2012.

The Rivet was completed in 2014, and offers one- and two-bedroom floor plans, ranging from 609 to 942 square feet.

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