Capitol Hill Multifamily Property Trades for $105M
Modera Broadway, a newly-built 228-unit multifamily community in the Capitol Hill neighborhood of Seattle, has changed hands for $105 million. In the non-traditional transaction, the property switched from one Mill Creek Residential LLC to another. Public records indicate a $57 million loan from Citibank to the new owner, Broadway Owner, LLC.
The Puget Sound Business Journal reports the large deal was a rarity for Seattle in the recent turbulent economy. One of the last sizable transactions to occur was back in October when a South Lake Union apartment complex was purchased by Security Properties for $104 million.
CBRE’s Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto advised Mill Creek Residential on the transaction. “Our team presented the owners with a range of options for Modera Broadway’s future, and they chose the option that best aligned with their long term strategy,” commented Hanacek.
Rents at Modera Broadway, located at Broadway and East Howell Street, range from just under $2,000 a month for a studio to nearly $4,000 a month for a two-bedroom unit. Weber Thompson, who designed the complex, says the property features 16,000 square feet of retail space, an underground parking garage and LEED Silver certification.
Image courtesy of Weber Thompson